NZDUSD - Short Setup at 61.8% retracement with engulfing bar

Since venturing below the established trend line set this year, NZDUSD had retraced to 61.8% of it's last down swing. To add confidence to this trade yesterday formed an bearish engulfing bar that move price quite a bit lower.

Suggested SL is above the recent high and profit targets are in the 1.272 - 1.618 Fibonacci extension area.

Trade active

Position opened at 0.71135

Note

SL moved to BE plus a couple pips to cover costs

Note

SL adjustment: 0.706

Price has moved a lot the last few trading days and it's best to protect some profits in case it rebounds.

Note

SL adjustment: 0.702

Price is stalling here a bit and this locks in about half profit while trying to stay above recent support/resistance.

Note

SL adjustment: 0.6940

Price may be preparing for a pullback here. This makes since considering the last retracement was fairly deep. Currently, price is holding near the minimum projected target (1.272 fib extension). If this level holds, the SL will exit the trade with most of the profits intact.

Trade closed manually

Closed at 0.6927

This looks like a pull back here . . .

nboone

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nboone