FullTimeTrader
Short

GBPNZD-double top with divergence at key level

FX:GBPNZD   British Pound / New Zealand Dollar
943 5 23
Last structure is clearly corrective, choppy and overlapping, so we should expect a further decline.
Its tricky to find and entry point but i do not want to miss this trade.
We have a double top with bearish divergence at strong level of S/R. Price is showing signs of exhaustion.
SL and targets on chart.
Happy weekend.


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Looks like a cup n handle to me.
Reply
FullTimeTrader Crit_Nasty
Hello, before looking for patterns i do a top down analysis. Accorging to MY D1 chart analysis this pair is finishing a correction and the decline should continue (see related idea below). Then i look for trend continuation patterns only.
A cup and handle usually appears at the beginning of a trend.
If you have a long analysis suggesting price already bottomed the cup and handle could be valid for you.
My prefer scenario is below
Thanks for sharing your view. Regards
Reply
I totally agree with you, but it is a corrective structure of the weekly
snapshot
but further downside is possible from the shorter time frame
+1 Reply
FullTimeTrader uoevictory
Great analysis! Regards
Reply
last week am stoped out on dis pair but today am again enter in short side thnx for confirmation. i hope dis time we get some nice pips .finger crossed
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