NZDUSD Short Direction: - In the last level of a Bullish Cycle, which indicates a reversal is imminent. - Second leg of source formed on the H1 & H4 indicating a breaker will form and Bearish Orderflow is going to occur soon. - Daily TDI indicated pair was heavily overbought and was due to start dropping long-term.
Entry: - M (Double Top) Pattern Formation. - Yesterdays High was never broken and was being respected, indicating a resistance point. Therefore, the market was looking to go down. - RSI is near the 68, indicating the pair is exhausted and near overbought. This gives an indication the pair will drop. - Divergence indicates the pair will drop. - Candle closed below 13 EMA indicating pair will most likely continuously drop. This is my entry.
Exit: - 17 pip SL @ 7 pips above YH (Yesterday's High). - 45 pip TP @ just above YL (Yesterday's Low), as this can be a support point.