microtrends
Short

GBPNZD Open Range Short Trade might be a runner or a fakeout

FX:GBPNZD   British Pound/New Zealand Dollar
95 1 0
GBPNZD             Open Range Short Trade might be a runner - and a very nice one....

Weakness would be shown if we stay below yesterdays low....

It may just reverse at around the -f50% 1.985 as that looking left is a level of Support... but equally that would be a nice sign if it broke below...
reversal point also at -f100% 1.978 Area...

We are late in the trade entry here... the actual signal was at 22.00PM on the chart
So I have put short on this trade to recognize the current signal - as this could be an interesting day...

Look at the related chart to see why... we have a doji on the prior day daily chart at the top of the range - which broke above an old level 1.9925 area but has not held... If we cannot hold on to the last 3 weeks gains we can see this go to test 1.98 today

HOWEVER we might see this keep support around yesterdays low and then rally back to support
ie a fake out followed by reestablishment of support - also hence why i posed the question is it a fakeout based on price analysis - this might take off again above the current highs... see the related chart. Certainly this was a short term intraday trade with profit...

3 Types of higher Time frame Conditions that can align with this system

bounce - at level of s/r
break - at level of s/r
Fake - break a level then later restablishment of level and take off!


see the higher time frame chart for why this might be an interesting day!!!
Also -Wednesdays are statistically the largest ranging days over the last 365 days

microtrends PRO
2 years ago
ok we got to the 1.98 but on the next day - not a bad call, i exited my longs from 3 weeks ago on the double -top however i was not around to place the short so i missed my own call, it needed to pullback and reject for optimal entry... here is one way to trade this... you wait for the breakout system to get you -after assessing the ripe conditions on the higher time frame...
GBPBZD Complete Open Range Breakout System with HTF confluence
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