Monday, 15 August 2011

NZD/USD Analysis

Bearish pinbar candle on daily has formed off 8ema. It aint the best pinbar in the world but moving averages are sloping down, its off support and most importantly with the trend. There is also a big pinbar on the weekly timeframe which is bullish and is giving a conflicting signal. However, id expect 50% of that bar to be retraced before there is any bullish movement. Trade placed to go short as per below:

STOP: 8395
ENTRY: 8335.6
LIMIT: 8187.1

RISK/REWARD: 2.5/1

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1 comment:

  1. Tee Man18 August 2011 at 22:58

    got stopped out on this

    my fault, didnt move stop to b/e on 1/1 risk ratio

    ReplyDelete

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