GBPNZD is in a down trend how ever this is the lowest low since 1999
for me chart speak loudly and is telling me this is a short opportunity specially with double top forming on hourly.
but once again this is the lowest low since 1999 and it is a great Position set up.
So I will have a Buy set up with stop of about 200 PIPS.
and target of 400 pips That give me 2:1 ratio from there we can see where the price takes up.
Now I will also set up a SELL STOP position ( base on my double top and monthly chart) below 1.7700 with a very tight stop 50 to 100 pips
and mt TPs 1.7430 +/- and 1.7200 +/-
thats minimum of 250 pips profit if it hit TP 2 thats another 500 pips SO even with 100 pips STOP LOSS (Unnecessary 50 pips is enough) i am looking at 2.5 : 1 on Target one and 5 : 1 in target two
I know this hart has lots of lines and kinda messy but if you can see beyond the lines and see the great opportunity there is LOTS of PIP can be made here LONG or SHORT
Good luck
for me chart speak loudly and is telling me this is a short opportunity specially with double top forming on hourly.
but once again this is the lowest low since 1999 and it is a great Position set up.
So I will have a Buy set up with stop of about 200 PIPS.
and target of 400 pips That give me 2:1 ratio from there we can see where the price takes up.
Now I will also set up a SELL STOP position ( base on my double top and monthly chart) below 1.7700 with a very tight stop 50 to 100 pips
and mt TPs 1.7430 +/- and 1.7200 +/-
thats minimum of 250 pips profit if it hit TP 2 thats another 500 pips SO even with 100 pips STOP LOSS (Unnecessary 50 pips is enough) i am looking at 2.5 : 1 on Target one and 5 : 1 in target two
I know this hart has lots of lines and kinda messy but if you can see beyond the lines and see the great opportunity there is LOTS of PIP can be made here LONG or SHORT
Good luck
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hourly chart
