Trade Setup: NZD/JPY – 12 Sep 2016

12 Sep 2016
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12-sep-2016-nzdjpy

Candle Stick Pattern: Evening Star at (1). It is not clear evening star but shows similar type of pattern.
Confirmation:

  • Stochastic overbought range at (2)
  • Touched outer band of Bollinger Band at (1).
  • Retesting previous resistance.
  • Volume increases after opposite bar showing chances to move in that direction.

Signal: SELL
Entry Point: 75.125
SL: 75.900 (78 pips)
TP: 72.299 (174 pips)

[UPDATE 1 – 12 Sep, 2016]

Set Stop Loss to Break-even.

[UPDATE 2 – 13 Sep, 2016]

12-sep-2016-nzdjpy-cont
Booked partial profit at 74.11. (Fibonacci 50% level)

[UPDATE 2 – 14 Sep, 2016]

12-sep-2016-nzdjpy-cont-2

After booking profit at 50% Fibonacci, trade is closed at break-even.

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