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KingWenz84
Apr 9, 2024 9:00 AM

GBPNZD - Long  Long

GBP/NZDOANDA

Description

So I have seen this lovely little trade on this pair. We have an Inverted Heads & Shoulders pattern which we have broken the neckline and are close to re-testing. Upon touching the neckline I will wait for an entry candle (Bullish Engulfing, Bullish Pin bar, or a 3 candle reversal). I have extended my TP to meet the -0.272 on the Fib in line with the fib strategy I use.

However It's worth noting that for the pattern completion on the IH&S there is no recent price action which adds a little more risk to this trade. So I will review this when we reach the last high at 2.15866. Using the Fib strategy does mitigate some of this risk however still worth remembering.
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