GBPNZD possible LONG (Trend continuation)
Updated
https://uk.tradingview.com/chart/YOi2B49t/
Hey guys, thanks for checking out my idea, hope it helps.
Why do I think Trend continuation?
Let's start with the first Double Bottom (DB), it retraces at the 618 and shoots up to a new structure high, I believe that this pair is on a retracement after hitting the strong structure resistance from 2011 and also as extra confirmation the RSI is OB.
In my ideal world the market would then retrace to the Fib retracement of the last leg. Trend continuation entry is your choice, but mine is Candle formation for confirmation.
The 3 doted line are all clones, and show a good market harmonic. If the market was to kindly reverse at the 382 retracement of the last leg, we can see how the doted line gets close to the 1618 Fib extension of the last leg.
I can see quite a few confirmations that'd suggest a strong trend continuation here. Watch out for a confirmation around the 382 or even the 500 Fib retracement, But in any case retracement can happen anywhere.
1st Profit area for me would be below the 1272 Fib extension and 2nd below the 1618.
Hope I make sense and the picture/Chart speak for themselves.
Cheers
Freddy
Hey guys, thanks for checking out my idea, hope it helps.
Why do I think Trend continuation?
Let's start with the first Double Bottom (DB), it retraces at the 618 and shoots up to a new structure high, I believe that this pair is on a retracement after hitting the strong structure resistance from 2011 and also as extra confirmation the RSI is OB.
In my ideal world the market would then retrace to the Fib retracement of the last leg. Trend continuation entry is your choice, but mine is Candle formation for confirmation.
The 3 doted line are all clones, and show a good market harmonic. If the market was to kindly reverse at the 382 retracement of the last leg, we can see how the doted line gets close to the 1618 Fib extension of the last leg.
I can see quite a few confirmations that'd suggest a strong trend continuation here. Watch out for a confirmation around the 382 or even the 500 Fib retracement, But in any case retracement can happen anywhere.
1st Profit area for me would be below the 1272 Fib extension and 2nd below the 1618.
Hope I make sense and the picture/Chart speak for themselves.
Cheers
Freddy
Trade active
Looking at the Hammer which touch the 382 retracement, I will keep a long position for this pair. On the weekly I have no confirmation yet of a downtrend, so let's see what the market will do. Fell free to drop me a line I'm learning and would love to hear from pro traders. Cheers
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