Hey guys, this is the 4hr chart on GBPNZD. The yellow box i've drawn comes from the daily timeframe and it represents the structure zone that i'm paying attention to. Now, as soon as price entered the zone it found immediately some troubles breaking through, and you can say that simply by looking at the wicks. Actually, it has formed a nice double top, with RSI divergence in overbought condition. The pinbar followed by a red candle is a good sign of reversal. Stops above the highs, targets as illustrated above. Let's see how it plays out.
If you want to ask questions or share your view, feel free to comment below. Otherwise, see you in the next chart!
What do you think about the present GBP NZD formation on the 4H chart (Apri 21, 2017 at 11:30 AM US EST), I think it looks like a head and shoulder is being formed.would appreciate your opinion.
Grazie
Roker1
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@lcarbuna, price failed in making new highs till now, so i'm still confident in this position, let's see how it goes. I don't see any H&S though. More like a triple top.
Glendoonie
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I came in a little late so all I see is the price going from high to low in my trend line channel H4. RSI click and my TPs are not dissinilar to yours :-)
What do you think about the present GBP NZD formation on the 4H chart (Apri 21, 2017 at 11:30 AM US EST), I think it looks like a head and shoulder is being formed.would appreciate your opinion.
Grazie