2018May24 GBPNZD H1 Trend Reversal
GBPNZD has been on an uptrend since January 11. There is currently a descending triangle sitting on top of the support of an uptrending diagonal channel. The horizontal support is around 1.97230. I want to see a candle breaking and closing below that level before I go short. I will consider the break of the horizontal support of the triangle also as a break of the support of the uptrending diagonal channel. For this reason, you may want to be aggressive and target more pips. Stop loss is based on ATR x 2 while the take profit level has the same number of pips by default. Tentative details are as follows:
Trade Setup: Trend Reversal
Price Entry 1.92730
SL 1.93480 | SL pips 75.0
TP1 1.91980 | TP1 pips 75.0
RRR1 1.00
Trade Setup: Trend Reversal
Price Entry 1.92730
SL 1.93480 | SL pips 75.0
TP1 1.91980 | TP1 pips 75.0
RRR1 1.00
Note
Please note of this correction: "The horizontal support is around 1.92730."The updated idea can be found here:
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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.