NZDUSD Short Trade

5 thg 8, 2016

There is a lot going on in this chart that lead me to reason that the price is going to move down. We will start off by saying the 4h chart had been bearish for a little while before making a double top on July 11th. We then see the price make a lower low followed by a lower high. We can also see RSI divergence here and back at the double top. We can also note that a small head and shoulders pattern was made at the 2nd RSI Divergence, which was my confirmation to get into a short position. My stop loss is set 10 pips above the double top, and my take profit is set back at the lower low