Thomas, you are risking 300 pips to make 1000 , that is better then 3 to 1 risk reward, that part I like. My concern is after failling at 70.00 four times if it does get above that point this time that would be looked as a break out and price could take off from there. For my money I would need to see price fail in that 69.00 to 70.00 zone before going short, but that is just the way I trade. Good luck, hopefully it works out and you can tell us all you told us so. Good Trading
Originally Posted by ThomasNotas
Hello traders. I have a good trade. It's about NZD/JPY. Below we see in the weekly chart the sidelines that currency moves. I'll put a sell entry order @68,50, stop @71,50 and limit @58,00.
Seeing a weekly close above resistance line, I'll close my position directly. In the area of 63,00 maybe I'll close a part of my position to lock some profits.
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