FullTimeTrader
Long

GBPNZD-some retracement needed

FX:GBPNZD   British Pound/New Zealand Dollar
931 8 12
a year ago
After a strong decline this pair is about to make a correction.
My main tool here is the bollinger band to band on D1 chart. We have also the 0.8860 fib retracement neart the zone:

snapshot

This tecnique works in confluence with a divergence and S/R on lower TF, in this case H4 chart.

We have:

- Round level 2.3000 as support
- Strong divergence on AO (or MACD )
- False breakout

This is a counter-trend trade so be careful and always do your own analysis and plan.
Best regards.
a year ago
Trade closed: stop reached
Do you think that GBPAUD could have some retracement as well? Possible bounce off 2.11000? I'm a little upside down off a trade from this morning, thought it was heading back to the top of the trend line. I hit my first target, then it turned and is now hitting the bottom trend line, as well as 2.11000 area. Retest?
Reply
FullTimeTrader Heelfan23
a year ago
Yes, doing a quickly analysis the GBPAUD could also make a pullback off 2.1100. Your analysis is good. I prefer this one because its extremely oversold and i want to backtest the bollinger band duplication. Regards.
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Heelfan23 PRO FullTimeTrader
a year ago
Thank you FT!! Something else to look at for possible reversals on correlated pairs. Double tops on both NZDUSD and AUDUSD daily charts, as well as hitting 100% correction fib levels.
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FullTimeTrader Heelfan23
a year ago
I agree, i also look at correlated pairs for clues. Those pairs are at critical leves and a correction there means a pullback here. On fridays also some retails traders take profits. Regards.
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BLKS
a year ago
Sir,
i am a newbie in trading and trying to learn. Can i enter this trade in 2.29850?
Reason is i saw that there is a bullish butterfly in 5 min chart and that the first time i draw a butterfly pattern and i am not so sure about it.
Reply
FullTimeTrader BLKS
a year ago
I think 2.3000 should hold, so your pattern could work
Regards.
Reply
BLKS FullTimeTrader
a year ago
Thank for the information.
Reply
fdtbeijing FullTimeTrader
a year ago
My pre-planted order fielded at exactly 2.3.... heavy long , and thanks for your analysis. hopefully the pair will have rebounce. NZD is superb strong this week. Regards from Beijing
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