FOREXEL
Long

A trend reversal on the way or..

FX:GBPNZD   British Pound/New Zealand Dollar
256 21 6
If 2.09154 holds then we have a successful breakout re-test with a clear target at 2.25005.

One sometimes gets blind of these intradays moves and I have another trade idea of shorting this one big time posted...well it seems I have to change my mind since this pair has gone from a downtrend to ranging and now heading for a trend reversal.

Even if the pound fails this first breakout and re-test attempt I dont think it will pullback that far and will hit these levels very directly after.

I dont know about you but I wont say no to roughly 1500 ( ish             ) pips taking a set and forget trade from this level. I have a similar scenario posted about EURNZD             as well.
kate25 PRO
2 years ago
Price looks like it may have hit supply - I would be looking below for demand on smaller timeframes to see if they hold - James if you are around what do you think
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FOREXEL kate25
2 years ago
Ok, thanks Kate ) who is James ))
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kate25 PRO FOREXEL
2 years ago
James is my friend and the one who taught me SD -
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FOREXEL kate25
2 years ago
Aha )
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kate25 PRO
2 years ago
here is a 2hr TF with possible demand areas
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FOREXEL kate25
2 years ago
Dammit ))
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kate25 PRO FOREXEL
2 years ago
I do not know - price may blow the supply here - but we have the first challenges coming up on the smaller TF on demand
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kate25 PRO
2 years ago
I think Daily trade if it reflects here we can look for supply above to short from again - see if this demand will fall away with next touch down
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FOREXEL
2 years ago
Trade idea still solid
Reply
anwar.mashni
2 years ago
is that a 2.25 typo you put TP at 2.5
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FOREXEL anwar.mashni
2 years ago
2.5 is longer term target, will take a few weeks
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anwar.mashni
2 years ago
im currently holding my long on this pair from 2.01 with TP at 2.4 what do you think
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FOREXEL anwar.mashni
2 years ago
as long as you can take the pullbacks you are good
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anwar.mashni FOREXEL
2 years ago
are we talking about a specific major pullback?
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FOREXEL anwar.mashni
2 years ago
yes since we trade the weekly chart there is still a risk of a good pullback. the weekly breakout re-test needs to be reinforced by daily tests to break it
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FOREXEL anwar.mashni
2 years ago
check thwe daily for possible pull back levels, play it safe - this pair can travel 300 pips in a day easily
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anwar.mashni FOREXEL
2 years ago
thanks! :D
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FOREXEL
a year ago
so close to target i can smell it. it cant get better than this
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ohitsZoya FOREXEL
a year ago
You can smell it ? lol
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FOREXEL
a year ago
Like a rocket it went!
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anwar.mashni FOREXEL
a year ago
still holding? It seems to have reversed heading to 2.1
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