glennmercer

GBPNZD: Long at BAMM Line, Short at BAT

FX:GBPNZD   British Pound/New Zealand Dollar
A series of two trades is setting up on GBPNZD             . The first is a long position after the close above the BAMM line (body) toward the bat PRZ and S/R Zone. The second, should price reach the bat PRZ, is a bearish bat opportunity. This iwll be an excellent opportunity to short because the resistance structure is strong in this area. Entry is placed at .886XA with SL at 1.13XA and target at .382CD.

Confluence in the bat PRZ:
  • .886XA
  • 1.5AB=CD
  • 2BC Projection
Trade active: Trade 1 - Long - Active
Trade closed: stop reached: Long position: -95 Pips
Order cancelled: Short Trade Idea cancelled as new lows have been established
Thanks TNT!
Reply
Hello, in my opinion, this pair is getting ready for another dip to test the weekly support at 2.106 zone. Just an Idea. My Buy limits are set there. This pair already broken the 61.8% Fib and the Weekly Support is in the mid way to 78.6% Fib level. Just a thought.

Would like to know your thoughts on that.

Greetings and a Profit New Year...
Reply
Hello Shekhu and thank you for your input. Yes I think that is definitely a possibility. On the daily TF, I have am looking for a long entry around the 1.146 area and my SL is below your entry:
snapshot
Reply
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