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Gbpnzdstrategy

GBPNZD Head and Shoulders ShortTake a look at the daily chart and you can see the head and shoulders pattern developing. At the moment the right shoulder is just being formed, but the swing high is complete at the right shoulder suggesting more downside. You can see that the recent high coincides with the high established where the left shoulder is. This is an aggressive entry. Most will wait until the pattern is complete. That would trigger an entry around 1.88 however an entry here will allow for a much smaller risk policy with as little as a 200 pip stop. Notice that the potential reward is around 1,500 pips. Another confirmation to add is to look at the monthly chart and you will see that the recent high which creates the head of the pattern also lines up with the monthly 50 sma thus providing a huge level of resistance where the head of the pattern is formed. However if the move goes above the proposed right shoulder then it would be best to exit the trade and wait until the head is testes thus providing a double top. Either way this market is starting to show that a down move is in the making.
Short
by Andy_Garcia_CMT_CFTe
GBPNZD Daily Breakout ConfirmedHi traders, We had a very long range on the GBPNZD daily chart and we recently broke it. The arrow that is pointing on the last candle is the re-test candle, testing the previously broken area successfully. I will open my trade on Monday and see where price will bring me :) On my first target, I will take out 50% of my profits EXCEPT price is showing strength. Target 2 is the last target as it is the same 'height' as the breakout area ... or distance, whatever you prefer to call it. Have a happy weekend!
Long
by FromForkToFingers
3
What's next for the British Pound?On several British Pound Forex pair, an ascending trend line on the daily time frame is on play. With them approaching the bottom of the bottom, are they to bounce or are they to break? In GBPNZD, we can see the it is consolidating at the bottom of the ascending trend line (possibly poised for a retest of the broken weekly descending trend line) which made it form a double bottom. However, if you look at the behavior of this Forex pair, it consolidates above a support (boxed) before descending strongly... did it twice. Watch for a signal to go long or short!
by bearvsbullmarket