pantheo

Closing and trailing shorts from the pin top

FX:GBPNZD   British Pound/New Zealand Dollar
55 2 3
Possible reaction at 2.16 before leg down lower to 2.10
I am following this pair very close. and on a daily chart it shows a flag formation and if you measure the whole flag it will end up exactly at 2.10. but if you use Fibonacci we are stuck at the 61.8%. now is the question should we buy at the 61.8% or sell below that point with a stop loss above the 61.8% . good luck to all of us. cheers. good analysis.
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pantheo PRO AndreValentin
Thanks for the note Andre. There are still remaining buy orders in the zone of 2.1520 - 2.1315. We just don't know yet how many and strong they are.

In my TP any first visit to a fresh and untested supply/demand zone, needs respect. We will see the reaction i.e. in what way price leaves the current daily demand zone and act accordingly. Haven't notice the 61.8 fib, strong area therefore for one more reason. 1H, 4H, D remain in a downtrend, but in W we have the cloud support, although thin. More often than not, first touch to the cloud is being rejected. You could have play the long rebound if you are trading intraday. I'm not, so I didn't play it although the possibilities were good for a quick counter 1/3 R/R entry intraday. Areas of interested to rejoin the downtrend according to PA there, is 2.1825-70 and 2.2080 - 2.2120. Happy new year to you and yours. P.

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