EURNZD Short Trade 11 May 2021 Breakeven

TRADE REASONS:

EURNZD chart analysis showed the following when the trade was considered on 11 May 2021.

Daily chart: 10-day MA was angling down.

4-hr chart: EURNZD was trading at resistance zone after slow stochastic %K became overbought.

See EURNZD Daily and 4-hr charts below.

EURNZD Daily and 4-hr charts

ENTRY:

Entered short at 1.67502 on 11 May 2021 21.05hr when resistance zone was tested after the stochastic %K reached overbought level. The stop was placed at 1.6795 based on the +45 pips 1xATR. The take profit was placed at 1.6635 at the next opposing support zone.

EXIT:

Lowered stop to breakeven after the trade moved down by 1R. It however did not continue. My stop was hit at 1.67494 on 12 May 2021 09.38hr.

Disclaimer: 

Trading and investment involves risk, including possible loss of principal and other losses. I shall not be responsible for any losses or loss profit resulting from trading or investment decision based on my posting and any information presented in this blog.