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Dec 22, 2014

06:25 PM EDT


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Market Analysis

Home » Commodities » Reversal Candlestick Forming on GBPNZD Near Top of Range

Reversal Candlestick Forming on GBPNZD Near Top of Range

Learn to trade by following my own personal trading blog.

The chart below illustrates a recent order I placed on GBPNZD. The reversal candlestick pattern at a resistance level is what I like to see, and with my stop loss placement relative to my target profit at support, the reward/risk was greater than 9:1.

The stop is a bit tight, though, and so there is a good chance this trade gets stopped out. If it does, I’ll consider shorting again if price reaches the next resistance level at the top of the range highlighted.

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