Short NZDUSD on small breakout down - 1:3 Risk Reward
NZDUSD currently near the highs of the most recent swings. As marked on the shart rice broke out above a narrow range in last weeks trading, but failed and returned down - this is a strong indication of a coming reversal.
At this point we have broken down a bit from the trading range and most importantly formed a spike up - which puts the odds strongly in favor of a further break downwards.
With this setup a R:R of 1:3 is enabled. Target could be set less agressive, this is just one suggestion.
At this point we have broken down a bit from the trading range and most importantly formed a spike up - which puts the odds strongly in favor of a further break downwards.
With this setup a R:R of 1:3 is enabled. Target could be set less agressive, this is just one suggestion.