Timonrosso

GBPNZD - W Formation but very weak signal

Long
OANDA:GBPNZD   British Pound / New Zealand Dollar
W Formation has formed on the GBPNZD BUT it is a very weak signal.
The price action is clearly sideways and this traps a lot of traders into buying the breakout.
What tells me this is the LOW volatility which should signal a warning.
Also we have mixed signals with MAs 7>21 but <200MA
RSI >50 - bullish
Target 2.000

I call this a LOW probability setup and one I wouldn't actually take. But for the risk takers, they can with pleasure.

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Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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