UPDATE #2: Hi everyone, I just wanted to let you guys know that I will be adding onto my current long position if we get a good conformation from price action .
UPDATE #1: Whaoo Traders, I actually thought I might get stopped out on this setup BUT lucky that did not happen. We got out 1st target hit and now stops moved to break even.
Here we've a BULLISH BAT PATTERN on FX:GBPNZD that is close to the completion point. This pair is in a very strong uptrend and this setup might allow us to enter in the direction of major uptrend. Do note that market is currently forming LL and LH, signalling a possible CONTINUATION of the short term downtrend BEFORE going higher.
If the entry is NOT triggered BEFORE the 4:30 AM news than I will NOT have any positions open for this pair.
NOTE: Keep in mind that we have Prelim GDP q/q news coming out of UK at 4:30 AM.
Please feel free to AGREE or DISAGREE with this idea by leaving a comment below. Hit that thumbs up button (top left corner of this chart) if you like the idea. Good Luck :)