GBP/NZD
This is a rather tricky stop-loss to ascertain, but I am confident in this short opportunity for a huge gain if price remains below 1.973. This price has shown historical resistance/support, which I've obtained through my volume profile analysis that I do on each pair. For me, this is a huge factor playing towards me wanting to take this pair short.
Keep in mind, this is GN! It's just like GA, very very volatile, and can wick 50 pips in a single 5 min candle. Out of all the trade setups I'm providing tonight, this is the riskiest. That being said, with risk comes reward. Note: what I mean by price remains under on the 4-hr, I mean that the 4-hr CAN wick above this price, but can't close or open. If so, this entire trade is invalid.
Entry: You'll see 3 blue solid lines. The thick bottom blue line is the least risky. However, if you want to enter at any of the other 2, do so at your own risk for a pullback.
Since GN is at the highs, a stop-loss for this trade will have to be above the recent wick of 1.97250. I'll let you pick how far above you want it to be, but it should at-least be I would say 5 pips above. (1.97292)
Our target is 1.95, a key institutional level. From the thick blue line of 1.96381, this would be +140 pips.
This is a rather tricky stop-loss to ascertain, but I am confident in this short opportunity for a huge gain if price remains below 1.973. This price has shown historical resistance/support, which I've obtained through my volume profile analysis that I do on each pair. For me, this is a huge factor playing towards me wanting to take this pair short.
Keep in mind, this is GN! It's just like GA, very very volatile, and can wick 50 pips in a single 5 min candle. Out of all the trade setups I'm providing tonight, this is the riskiest. That being said, with risk comes reward. Note: what I mean by price remains under on the 4-hr, I mean that the 4-hr CAN wick above this price, but can't close or open. If so, this entire trade is invalid.
Entry: You'll see 3 blue solid lines. The thick bottom blue line is the least risky. However, if you want to enter at any of the other 2, do so at your own risk for a pullback.
Since GN is at the highs, a stop-loss for this trade will have to be above the recent wick of 1.97250. I'll let you pick how far above you want it to be, but it should at-least be I would say 5 pips above. (1.97292)
Our target is 1.95, a key institutional level. From the thick blue line of 1.96381, this would be +140 pips.