GBP/NZD

Jun 5, 2018

GN broke out of correction and made a small pullback and is resting underneath the 1.236 fib extension. Yes, it is going up right now, but I would watch how it reacts to the 200 MA on the 1hr to see if you might get a flat down to that 1.618 extension level it never reached. That's what I would expect considering how this pair behaves and by looking at the lack of a classic GN reversal which are usually pretty choppy. I consider it to be in a downtrend but do expect a flag up at some point. You may get a flag for a buy, but those may be some good fast pips probably if it rejects that 1hr 200 to the 1.618.... Just saying something to consider. The whole point is that should not be a setup you lose money on if you know what you are doing. I know the pound is going up today, but "there's a big difference between winging it and seeing what happens, let's see what happens." ---MacGruber.

Jun 6, 2018

Note

You had 2 opportunities to take pips off GN from that 200. At this point, if you got in fro top, let some run, but it really can go either way out of this flag.