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Kiwi Kisses Resistance and Threatens Sell Breakout

Kiwi Kisses Resistance and Threatens Sell Breakout

2011-09-29 17:38:00
Jeremy Wagner, Lead Trading Instructor,
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By: Jeremy Wagner, Lead Trading Instructor, DailyFX EDU

jwagner@dailyfx.com

The NZDUSD recently broke through an important 200 Day Simple Moving Average near .7950. Additionally, we have a series of lower highs and lower lows on the daily chart. The trend is shifting to the downside as prices are testing breakout points for a sell near .7635.

Kiwi Kisses Resistance and Threatens Sell Breakout

We will look for an entry order to sell 1 pip below the low on September 26, 2011 at .7635.

Scroll down to a smaller time frame like a 2 hr chart to establish your stop loss level. Find a swing high and place your stop just above the swing high. In this case, our entry order would be to sell .7635 with a stop loss near .7835.

Manually trail your stop lower if the price moves into your favor.

Additional Resources

Trading Breakouts in Forex

Trading with Moving Averages

Money Management Video 1

Follow me on twitter at @JWagnerFXTrader

Jeremy Wagner contributes to the Instructor Trading Tips articles.

http://www.dailyfx.com/how_to_trade_forex/course_trading_tips

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