Roker1

Trend Continuation Trade on NZDUSD

Short
FX:NZDUSD   New Zealand Dollar / U.S. Dollar
Hi guys,
this is a trend continuation trade: you can tell this simply by looking at the last price moves. The recent downward movement created a new low in the 4H chart, so we are now setting our mindset in bearish condition for we'd want to hop on the trend as soon as price gives us the opportunity to do so. In this case price has created a double top on the lower timeframe (1h) right at the retest of the support that once broken could become resistance.
Entry at market, stops 2-3 pips above 0,70 round number, first target at the retest of the lows, second target could go all the way down to 0,69.
Let's see how it plays out.

If you want to share your view or ask questions, feel free to comment below.
Otherwise, see you in the next chart!
Trade closed: target reached: First target hit! Stops moved to breakeven now.
Comment: Still holding this position.
Trade closed: target reached: Fortunately enough price hit our second target (see above) just before reversing. A bit of luck!
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Comments

Any thoughts on this bear continuing beyond its 0.69 support, towards 0.68...?
+1 Reply
Roker1 patelbg2001
Hey @patelbg2001, the daily trend is bearish so i'm expecting at least a test of 0,69 level. Then if it breaks it we can easily go down to 0,68.
Reply
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