GBPNZD has been on a downtrend and formed a double bottom. There is also an RSI bullish divergence on H1 timeframe. I am looking for a break and close above the recent trendline resistance as confirmation of the bullish bias. Stop loss is just below the trendline support. The take profit target is set at the 38.2 Fibonacci retracement level of the downswing. Trade details are as follows:
Trade Setup: Double Bottom
Price Entry 1.93829
SL 1.92750 | SL pips 107.9
TP1 1.97498 | TP1 pips 366.9
RRR1 3.40
Trade Setup: Double Bottom
Price Entry 1.93829
SL 1.92750 | SL pips 107.9
TP1 1.97498 | TP1 pips 366.9
RRR1 3.40
Order cancelled:
Setup is now invalid as price went to SL level before the order was triggered.