GBPNZD - Continuation of the channel?
Updated
Today I've got GBPNZD on my radar. We have had news come out for China and the Australia area so AUD and NZD have moved a lot, once that move is over we can look for continuation of the pair in front of us. I choose GBPNZD over GBPAUD because this one has broken a large structure level to the upside and price action is moving nicely along in the channel. So this provides us with a great trading opportunity. My personal bias on GBP is also still bullish.
I am waiting for price action to hit my killzone (purple box). After that I will look for a buy candle or signal to enter the trade. As you can see the 100 day moving average is also doing what it should do, so that confluence is what I am looking for. With these high ATR pairs I am looking for a tight stop after confirmation of the buy candle. My first target will be at 1.8050.
Remember the most important thing once we hit our killzone is to let price action show you that the bulls have returned, if price action continues bearish, we just scrap the trade and look elsewhere. PATIENCE WILL PAY.
Have a nice day and if anyone got in the AUDUSD long, I hope you hit some targets there!
I am waiting for price action to hit my killzone (purple box). After that I will look for a buy candle or signal to enter the trade. As you can see the 100 day moving average is also doing what it should do, so that confluence is what I am looking for. With these high ATR pairs I am looking for a tight stop after confirmation of the buy candle. My first target will be at 1.8050.
Remember the most important thing once we hit our killzone is to let price action show you that the bulls have returned, if price action continues bearish, we just scrap the trade and look elsewhere. PATIENCE WILL PAY.
Have a nice day and if anyone got in the AUDUSD long, I hope you hit some targets there!
Trade closed: target reached
Target 1 reached and hen stopped out for target 2, too bad!
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