2018May25 GBPNZD H1 Trend Reversal
There is still a descending triangle for GBPNZD. This is actually an update of a previous idea (tradingview.com/chart/GBPNZD/kbdOKjp3-2018May24-GBPNZD-H1-Trend-Reversal/). To better reflect the recent bounce, I am adjusting the horizontal support from 1.92730 to 1.92770. I plan to sell once there is a candle breaking and closing below this level as my confirmation of the bearish bias. If the close is significantly lower than 1.92770, then I will place it as a sell limit order expecting the level to hold upon retest. Stop loss is again based on ATR x 2 while the take profit target has the same number of pips. If price goes to TP1 before getting triggered (for the pending order), then I will manually cancel this trade. New tentative details are as follows:
Trade Setup: Trend Reversal
Price Entry 1.92770
SL 1.93370 | SL pips 60.0
TP1 1.92170 | TP1 pips 60.0
RRR1 1.00
Trade Setup: Trend Reversal
Price Entry 1.92770
SL 1.93370 | SL pips 60.0
TP1 1.92170 | TP1 pips 60.0
RRR1 1.00
Trade closed: target reached
TP1 hit! :) (May 25)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.