[TW] 12-19-2011 NZD/USD short by manipakyaw

Trading Discussion
1

NZDUSD

nzdusd123123123.jpg700×525 48.4 KB

Long or Short: SHORT

Entry Point: .7600

Stop Loss: .7670

Profit Target/s: .7400 (gap close from 3 weeks ago)

Reward-to-risk Ratio: 200|70 - almost 3 to 1

Risk percentage: 2%

Indicators: RSI and Fibonacci retracement tool

Trade Rationale: This is a very nice technical setup. I’m still very risk averse, especially seeing all the pairs drop this past week. I feel the pair has retraced enough and will continue to trade lower.

Trade Adjustments: Manually moving my stop 70 pips whenever it goes my way in a multiple of 70. don’t wanna get burned ya know?

2

please correct your first line NZD/USD not USD/CHF

3

I think with this pair being oversold it could come back up to 78. But I do agree with your profit target and if it breaks 73.50 it easily goes to 70

4

Agreed ,accordin to daily candle it should go up a bit together with e/u ,g/u and a/u all should be up before down .