Gbpnzdshort
LONG ON GBP/NZDPrice has broken out of a symmetrical triangle on the weekly timeframe.
I am looking to capitalize off the breakout, price has not pullback or retracted just yet but if it does not then price should take off.
Here is the play I will be taking on this pair:
PAIR = GBPNZD
ORDER TYPE = BUY STOP (PENDING ORDER)
LOT SIZE = Micro lot (0.01) (0.02)
ENTRY PRICE = 2.02793
STOP LOSS = 1.99104 - 368 PIPS
TAKE PROFIT = 2.10213 - 742 PIPS
GBPNZD Short OpportunityHey, if you like this idea be sure to support with a like and a follow.
Here is my analysis for GBPNZD for the upcoming week, wait for price to pullback to retest resistance and take a short down to the next support area .
What are your thoughts? Leave it in the comments below!
Blue Signal FX Rules-Based Trading
1. CHECK THE NEWS!
2. WHAT IS THE OVERALL TREND?
3. IS PRICE AT A LEVEL OF SUPPLY OR DEMAND (SUPPORT OR RESISTANCE)?
4. IS PRICE APPROACHING A LEVEL OF SUPPLY OR DEMAND (SUPPORT OR RESISTANCE)?
5. ARE YOU TRADING WITH THE TREND OR AGAINST THE TREND (MAKE SURE YOU ONLY TRADE AGAINST THE TREND ON THE 4HR TIME-FRAME AND ABOVE.
6. CHECK FOR DIVERGENCE.