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!!
Trade closed: target reached
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Target 1 hit: 790+ Pips
Comments
pathaniasourabh
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First target done :)
ErfanParvini
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Yeap! Target one was just hit about an hour ago :) Thumbs Up!
pathaniasourabh
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Hats off!!!!!!
ErfanParvini
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yeap! 790 pips banked :)
marcus123
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And being realistic, with all due respect, it might not?
IvanLabrie
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That's true for all trading ideas.
ErfanParvini
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Oh absolutely, we are dealing with probabilities here! You could just wake up and see lower low, lower close. Then you should wipe you chart and start all over again! :-)
marcus123
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absolutely; and well done on your big win!
marcus123
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yep!
markbrsz
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Same idea, similar to GBPCAD 8 or 9 months ago, break from the base, rally, retest and continuation leg, great analysis!