GBPNZD SHORT
By looking at the price action, its easy to see that the pair has been moving in a bullish direction for several days, since early November 2021 to be exact.
Current price action shows an indication of potential market exhaust which could result in a bearish short term correction. Looking at the daily chart
we see 3 potential confluences/reasons which is in line with our directional basis on the pair. A Double Top pattern formation, followed by a trendline breakout and
key level breakout which signals a change in market structure from bullish to bearish. We will be looking to enter on the rest of this key level and expect price to spike up sharply before
a continuing to the downside. Risk Reward of this particular trade currently stands at 8.76:1.
Current price action shows an indication of potential market exhaust which could result in a bearish short term correction. Looking at the daily chart
we see 3 potential confluences/reasons which is in line with our directional basis on the pair. A Double Top pattern formation, followed by a trendline breakout and
key level breakout which signals a change in market structure from bullish to bearish. We will be looking to enter on the rest of this key level and expect price to spike up sharply before
a continuing to the downside. Risk Reward of this particular trade currently stands at 8.76:1.
Trade active
Price retested key level which was our signal to enter.Note
Trade has reached 60% of the move. We will be monitoring the price behaviour in order decide whether to let the trade run for a few more days or to close trade and take what the market gives us.Note
We will be looking to close this trade as per our trading plan rules.Note
Trade is still moving in a bearish direction. We might soon some profit taking which will result in sharp spikes to the upside.Trade closed: target reached
Target has been reached. Unfortunately we had to avoid being greedy and close the trade according to our trading rules. Anything can happen in the markets.
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