[TW] 08-20-2012 Short NZD/USD by Jabroni


Long or Short: SHORT

Entry Point: around .8035 (as long as below .8050)

Stop Loss: .8135

Profit Target/s: .7835

Reward-to-risk Ratio: exactly 2:1

Risk percentage: 1%

Trade rationale: playing the break of what looks like a head and shoulders pattern. also noticed lower highs on nzd/usd, which looks like the start of a new downtrend

Trade adjustments: i wont enter the trade until i see a convincing close below .8050.

The 4hr and daily charts are oversold and seem to be gearing up to go long. Also it already bounced off support at .8050 from last week and seem ready to retest before going long early this week.