NZDJPY - Double Top & Selling the bounce

Hi guys, the NZD is extremely over extended at the moment (see the linked post). All NZD pairs should correct soon. I like the NZDJPY. The pair is forming a double top (at least I think so). I know the NZD won't go much higher from here, so the NZDJPY should find resistance soon.

I am short @ 82.84. My stop and target are marked on the chart.

NOTE: this trade could take a few hours to turn, but prices 'shouldn't' go much higher. That why I entered at the double top price.

Yorum:

That was fast :D Move your stop to break even. If it moves higher we want out. Remember, this is a 'counter trend' trade.

Yorum:

Out with profits.