Fxprotrader
Long

GBPNZD@Correction Ahead Before Massive Sell Off

FX:GBPNZD   British Pound / New Zealand Dollar
Price in gbpnzd             is moving south after breaking out two support levels, a short term and a medium one (red trendlines ). I was waiting a correction earlier but till now it hasn't happened. We now have breakout of the trendline which represents the resistance of that downmove. In RSI it's more clear that we have a resistance breakout meanwhile it's obvious that there is a bullish divergence with price action.

Still our main setup in this pair is entering short after the correstion will be over but i believe that this is the beggining of that correction.

I will trade this setup entering two positions. Both have stoploss below previous low. As for target i aim for two fib levels of the impulsive move which broke the support levels. 0.382 and 0.618. If price reaches the first one i'll place stoploss to breakeven to the other one.

Like and comment,
John
Trade closed: target reached: First target reached. We move stoploss to breakeven..
Trade closed manually: I will close my second position with the same profit as the first one because i thing that this correction is over.
Agree, im already in since friday, expecting a pullback at least to the 0.2360 fib. Regards.
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Fxprotrader FullTimeTrader
Nice to hear you have the same view to this.. It might retrace a little after that breakout but i believe that it 'll go up.
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