[TW] 2012-07-06 NZD/USD Short by pipballer

[pipballer]

NZD/USD 4-hour



Long or Short: Short

Entry Point: Short order at .7990

Stop Loss: .8040

Profit Target/s: .7850

Reward-to-risk Ratio: 2.8 to 1 (140 pips to 50 pips)

Risk percentage: 1.5%

Trade rationale: This is simple breakout trade. Later today, NFP report is coming out. Last few reports have been terrible, so there is reason to suspect we can see another bad number today. This might lead to a sell-off in the markets, which I think will lead to dollar rally.

I will place sell orders below key .8000 level. If report is bad, sentiment may continue to drop next week and I think the pair will fall to former support at .7850. I'm not sure but its worth a shot.

Trade adjustments: Will move stop to entry once price hits 75 pips in the money. I will also close position if the breakout candle isn't a solid candle close below .8000. That might signal a fake out.

[PhilS]

I am short this pair at the market open with a stop loss at .8075