Daniel.B

Monitoring for bullish signals

FX:GBPNZD   British Pound/New Zealand Dollar
256 47 5
Update: Trade nearing entry requirements. Targets have been outlined, and my stops have been outlined on the 4hr chart posted in the comments section. Upon reaching target 1 stops will be moved to break even and managed accordingly as price makes its way to the secondary and third target. Good luck everybody, may the force be with you.. Lolol =)

Well this should be a very nice trade if the range it has been confined within holds true! I've been monitoring this pair for a couple weeks now with a few small intra-day trades placed on the way down. What I'm looking for is any sign of range reversal between the .50 / .618 Fibonacci Levels. In which I will ride it to the upper band of the range, once price reaches the Fibonacci levels I will post another chart on the pair in the lower time frames (Daily / 4hr). For now I'm just sitting on the sidelines for this one and monitoring it closely. =)

Update: Long entry may be nearing! On a break and retest of the area highlighted in the chart. Will post a Daily chart to show targets shortly.
snapshot
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Daily Chart with trade targets.
snapshot
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Daniel.B Daniel.B
As you can see, price formed a bullish engulfing candle on the daily chart. Also in the are of the Weekly 50 Fibonacci retracement. Showing bulls have taken control.
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danndc Daniel.B
do you think it could touch 2.0800?

i am long from 1.9450
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Daniel.B danndc
Yes i do believe it can, but since the target is at the top of the range I will be trailing my stops manually after target 1 is hit, just in case it doesnt reach all the way up to 2.0800
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danndc Daniel.B
so do you say to put the stop at 1.9900?