GBPNZD Massive Descending Broadening Wedge
Updated
It is confirmed that the price has broken the pattern and is currently retesting what appears to be resistance.
The H1 candle confirms a good rejection, although it hasn't been confirmed on the H4 candle yet.
It should be noted that the next 3 H1 candles must show a significant increase. The next candle might form a doji followed by an increase or a direct increase. If the price action does not show any resistance and the price continues to fall, we need to cut losses quickly, reduce the lot size, or stop and reverse. I will update the decision later.
SL: 2.08294 (40 pips)
TP: 2.09994 (+3.25)
The H1 candle confirms a good rejection, although it hasn't been confirmed on the H4 candle yet.
It should be noted that the next 3 H1 candles must show a significant increase. The next candle might form a doji followed by an increase or a direct increase. If the price action does not show any resistance and the price continues to fall, we need to cut losses quickly, reduce the lot size, or stop and reverse. I will update the decision later.
SL: 2.08294 (40 pips)
TP: 2.09994 (+3.25)
Trade closed manually
Close manually now or set to half R or set TP to entry (BEP).
because I see the potential for a reversal indicated by a daily candle forming a shooting star, and on the smaller timeframes H4/H1, there is no sign of strong price potential to continue the rise.
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