ECHO | GBP/NZD - Short opportunity.
Markets are finally moving again. As anticipated that bullish GBP sterling movement has been found. Helping us reach our TP and swing movement across GBPUSD previously mentioned. Seeing the huge bearish movements based off of weekly downtrends. A good retracement upwards will provide us with a nice entry to potentially short back down to a local level.
We have set a pending at spot price area 1.94000. But feel free to grab the order on the fibonacci as well, 1.9400 is more of a psychological level. Furthermore these are the reasons for this pending:
- Round level at 1.94000
- Retracement second leg to continue downwards
- Fib retracement on 38 significant swing high -> low fib
- Pullback to ema's
Wide stop of 50 pips should give it enough room for it to swing downback to the local low on lower time frames.
ECHO
We have set a pending at spot price area 1.94000. But feel free to grab the order on the fibonacci as well, 1.9400 is more of a psychological level. Furthermore these are the reasons for this pending:
- Round level at 1.94000
- Retracement second leg to continue downwards
- Fib retracement on 38 significant swing high -> low fib
- Pullback to ema's
Wide stop of 50 pips should give it enough room for it to swing downback to the local low on lower time frames.
ECHO
Trade active:
Price hit our pending overnight and nearly wicked out the SL on WEEKLY timeframe. Depending on your broker you might have liquidity slippage overnight. Trade is running around 2 RR as we speak at + 101 pips profit.
Trade closed manually:
Taking out full profit here at +168 pips in profit. Running nearly 3 RR depending on entry in the blue zone. Trade closed, thank you.