burnstommy

CTS based trade - NZDUSD 60M SHORT

Short
FX:NZDUSD   New Zealand Dollar / U.S. Dollar
CTS trade (combined technical scoring system) 60m chart:

1 - RSI overbought
1- RSI Divergence
1 - Fibonacci extension confirmation
1 - Advanced Bat Pattern completes in the kill zone
1- HTF-confirmation - Price action is at the daily trend-line
1 - Key weekly resistance at 0.73000
1 - Price is losing momentum at previous structure high - minor structure
1 - Double top
TOTAL = 8 POINTS

Target - Target at most recent structure to the downside, this also aligns with the targets for the Bat pattern .
Stops - ATR based stop above the high.

I have found that Advanced-patterns that can be backed up by further analysis such as the CTS based system, are usually the strongest.

I am 19, and have been learning to trade price action for the last 3 months. Very much a beginner, any comments good or bad are welcomed!

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