Pending Short on NZDUSD:
Entry - 0.6430
SL - 0.6480 (50 pips)
Final TP - 0.6260 (170 pips)
Reason for the trade:
1. Key level of 0.6425
2. Recent bullish trend with over 4% move up this week expecting a pullback
3. 61.8 fib of larger move down aligning with key level
Looking at a nice 3.4R for final target area, but would look to close 25% at 50 pips, another 25% at 100 pips (moving SL to BE) and the will see how things look if a counter trend trade is on, or if to hold to target.
Entry - 0.6430
SL - 0.6480 (50 pips)
Final TP - 0.6260 (170 pips)
Reason for the trade:
1. Key level of 0.6425
2. Recent bullish trend with over 4% move up this week expecting a pullback
3. 61.8 fib of larger move down aligning with key level
Looking at a nice 3.4R for final target area, but would look to close 25% at 50 pips, another 25% at 100 pips (moving SL to BE) and the will see how things look if a counter trend trade is on, or if to hold to target.
Comment:
Entry price triggered early morning 5 December
Trade closed manually:
Trade went onside towards TP allowing me to close out 2/3 of the position with the final part being closed at BE, overall achieving 1.8R.