Looking ahead to next week's open I wanted to draw some additional attention to obvious NZD pairs that are already on my radar. Similar to the EURNZD set up posted mid week, we have additional opportunities forming. GBPNZD has not only closed below a daily channel confirming a key technical break, but it also has a very strong weekly candle operating in it's favor.
***While it is Thanksgiving this week in the United States, this does not mean that the market will not move, plus there are 3 very strong days of trading prior to this Holiday. I will not alter my analysis for it.***
Primary chart shows the Daily channel as well as a candle closing clear outside of it. Pictured below is a Weekly Chart showing the upper resistance of that channel to emphasize the top of the wick, but I wanted to draw more attention just to the candlestick we have associated with the daily confirmed break.
So how can you expect to trade this? As always we have our core entry which is to wait for the market to retest the the old support that was broken.
Trade Opportunity - Pending Sell Limit - 2.3230 or Manual Entry look for Bearish Price Action on Smaller Time Frame levels Stop Loss - 2.3350 - Keep in mind we're looking for the channel to hold price down, not CLOSE back inside Take Profit - 2.2850
This trade is a daily set up, but has weekly momentum. If you choose to enter as a Sell Stop on a new low, bear in mind the Risk/Reward ratio changes immensely. I would recommend selling any rallies on this pair this week and possibly next.
Please remember to do your own analysis before entering a trade. If you like what you see here feel free to comment, follow, "like" or ask questions. If there is a specific chart you would like my input on, simply send me a PM.
For those that it is relevant to, Happy Thanksgiving!
why such a shallow tp last month low seems a better target
maharjaan1
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i recommend best entry would be 2.3290 Sl and Tp according to yours description...
Synapse
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I'm already short - I don't think price will reach 2.3290 - Good luck to you with it though :) 2.3290 is 30 pips above my daily trend line....that entry would be an over-extension.
maharjaan1
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so i was right....it did hit 2.3290 zone with ease
Synapse
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This isn't a competition, and unless you know the future you don't know exactly where the market will make its highs and lows. If you'd like to share a chart behind your 2.3290 figure that's more useful to everyone then just declaring you were right.
maharjaan1
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i cant produce chart, my instincts just judge the price action, behind that i can not render proof, but typical kind of a more realistic judgement that price would go there and then reversal occurs,... 2ndly i have never declined your theory but i just pinned point the exact point where u said that 1.3229-1.3345 is the Sell zone...through my typical guess to current price action, i pinned the exact point, which according to me was 1.3290, so it did go and thats it...You are far far better to me,,,,but i have my own kind of strategy to gain profit from the one who says" All your money belongs to us" ....Dont get personal...i just shared my thought, if you say i will never share again with you or your audience....pardon if i hurt any one.
Synapse
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Meant no offense maharjaan1, just curious why you chose 2.3290. It's helpful to everyone if you can show why :) You clearly earned a better entry on this trade than I did. I appreciate the explanation even if you can't provide a chart, don't stop sharing.