NZD moved up above its Asian high and quickly ran into sellers. As price began to fade and closed within the Asian range – an entry short is taken with a stop loss above structure. This setup had a greater than a 4:1 reward to risk to our Target 2.
Price was a little volatile approaching the US Open and we moved our stop loss to plus one pip in the event that the US economic news releases created volatility. The pair continues down…testing and retesting the Asian low before pushing downward decisively. As price bounces off our Target 1, we exit protecting that level and give back a few pips.
Good luck with your trading!
Back tomorrow if we find a trade.