Oztrade

GBPNZD - IS THIS A SIGN OF REVERSAL - CONSOLIDATION

FX:GBPNZD   British Pound/New Zealand Dollar
21 0 0
Hi All, Just wanted to share my thoughts on this pair, we have seen a long trend upwards since April for this Pair. Notice we hit the even handle 2.4000's then stopped completely. This Psychological even number looks like it has caused a lot of Bulls to exit and Bears on board. We then see a retest of structure putting in a perfect double top . Now obviously we dont have previous structure to give any signs if this will drop, but we do see three spikes into the resistance level , double top RSI Divergence, lower low lower close which drops about 500 or 600 pips then another retest rejected then another retest and rejected - all for about 4000 to 5000 pips - If you could hit one of these wicks right at the height of the sell point you would be happy with a minimal stop loss because we know price is drawn to these major structure levels. Will this just consolidate for a while or break to the upside or downside. 2 X Arrows Price Lines 2.40241 Which is the high level - see in my diagram how many times price has been drawn to 2.33793 and just bounced back with support - I got long on the green arrow and took about 100 to close out for the weekend. Which was an earlier post of a Bull Gartley , entry is great when you have HTF             confirmation as well. Sometimes just having an entry with LTF can put you into some draw down before a retrace, minimizing draw down and increasing that exact point of entry which minimizes as we know our risk. Its not always going to turn around if it hits a fib level some case yes but not always. Check HTF             and you will see the advantages of using it for some of your entries and executions. My entry price came past it about 5 pips then hit that support line and reversed You can see the - Entry - Stop Loss - Limit Order - Risk Reward from an advanced pattern in LTF checking HTF             Support and Resistance analysis of where is price most likely to come to. Sorry to write a book all enjoy your weekend.
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