NZDUSD Short After A Strong Bearish Impulse. Synergy Bars (Heiken Ashi). Fibonacci Extensions.
On Jul 15 a strong bearish synergy bar closed on the daily chart for the kiwi (NZDUSD). The fundamentals were also in agreement (negative New Zealand economic indicators and a strong USD) so I executed a short. I set a break-even point at 127 Fibonacci extension of the previous leg down and executed my break-even Expert Advisor to watch when the price action hits that point. My take profit was set at Fibonacci extension 138 of the previous leg down since it was way past the third leg of the down trend (fourth or fifth leg already) and a danger of trend waning was at hand. Collected around 70 pips.
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