So I posted the short setup on GBP/NZD 26 days ago, which I have it linked down here as well, and I did end up shorting the market at 2.27380, shooting for the ABCD
completion, and I closed the position just yesterday at 2.15697 with 1100+ pips of profit. However, we are now at a potential reversal zone, and we are likely to get at least a retracement back up to our previous structure level. We have the cluster of fib retracement, extension, and inversion. Our ABCD
is completed, we have a tiny but valid divergence on RSI
, and there is a minor structure resistance
level as well.As far as R-R ratio, we have a ratio about 3 to 1 and in my opinion it is a reasonable long opportunity, and I hope it turns out profitable. Happy New Year and good luck my fellow traders!!