FX:GBPNZD   British Pound/New Zealand Dollar
186 4 3
I went short on this on the other day below the 2.618 and with a target down to 0.618 which still is a target. However. The strong up-trend provides a challenge in terms of near term risks when going for a counter-trend trade and my initial SL was too tight (I was too cheap) . I had to re-do my analysis, but luckily DanV sent over a link to his latest analysis and based upon his analysis I added a few options to my trade. You find DanVs chart here
snapshot

It is very important to read his comments to his trade carefully. I have been trading this pair very successfully just based upon his analysis to be my main compass.

I want to see a clear break of current price level and a strong close under it. My stop is now placed above the high which migth seem a bit to much but needed until and if we get a strong close under current level. I will keep a close watch on GBPUSd             and NZDUSD             respectively to see how strong or weak they play against the dollar this week.

If this trade goes my way I will take profit and re-enter the trade on every push to the upside as long as I see lower highs and lower lows.
2.1033 key level, keep a close watch and see other trade idea if this zone holds.
Reply
eliaselias FOREXEL
hallo
Your target is still valid. the price seems to bounce around the boundaries of a 2 year long ascending broadening wedge. your target is around the middle of the wedge so it is possible to hit it. Anyway as i said in my previous comment i will be aiming higher in the 2.07 area. Best of luck.
+1 Reply
Hallo
I am also short but aiming for a humble 2.0720 since we are going counter trend at the moment (upising channel at 4h TF). I tend to agree with danv but it may take a while to get at 2.02. Good luck!
Reply
FOREXEL eliaselias
Yes you are absolutely rigtht. better to tade this one back and forth. Thanks for your input
Reply
United States
United Kingdom
India
Deutschland
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out