Monday, March 28, 2011

NZDUSD - Market Order (Large Stop - longer term trade)


I have placed a short at market, 0.7500 with a stop loss at 0.7680 and open ended targets.  Trade is based on a trend line break on the 4HR chart, coinciding with the cross of the 61.8% retracement line of the BLUE trend origin - key retracement zone.

Enter at your own risk, the stop is 180 pips, so please reduce the lots size with this one!

UPDATE 1:
NZDUSD UPDATE 1 - 4HR chart profit target placement
I have placed the profit target at roughly a 1:1 ratio, at the 61.8% retracement line of the preceding down move - 0.73255.

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