GBPNZD - Monthly, nice and simple bearish trend. Could be about to trend down for next 12-24 months?
Trade active:
Going to add to short position here at $2.008, and have one other order set at the 61.8 fib pull back at $2.02. I was expecting this pull back but will still need to monitor closely to ensure it rejects off 61.8 or the 78 fibs which is actually at my entry. At this stage Stop loss will remain at $2.118 and once I am confident it rejects and starts to fall again I will move stop loss up. Still hoping to hold this for another 6 months and chart has followed exactly as expected and has pulled back perfectly to add to position.
I won't be changing my stop loss until I see another LH on the weekly chart, I am expecting a big pull back soon to the 50Fibs most probaly on the weekly chart.
Even thou I'm up close to 1400 pips i will wait on the weekly chartfor pull back and open a new position to add to the ones I already have open and will then move stop loss up. This is a weekly chart trade so I will be holding hopefully another 6-12 months. Original Stop loss is 2.11799. Don't panic sell on the pull back this will be a long term position. Current position RR 2.38