Akil_Stokes

GBPNZD: Structure w/ Divergence

FX:GBPNZD   British Pound/New Zealand Dollar
Not a pair I trade, but one of the traders shot this to me today and I wanted to share. It's a double top at previous structure resistance with bearish divergence on the RSI .
We must make order for short at: 1.9761 But I think is to late... now will go down. Strong resistance
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Hi Akil, why did you choose the target to be 1.96200? The reason I am asking this is to find out more about your thought process on finding targets. Thanks
+1 Reply
I looked at the structure level and adjusted for the even handle. To be honest I didn't put a lot into targets since I wasn't involved in this one but typically a 38.2 fib retracement and/or structure is where I put targets out...Looks like this one might be at the 38.2 actually
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TradeYodha PRO Akil_Stokes
Thanks Akil
+1 Reply
Not a bad risk/reward but that bullish engulfing on the 4hr was enough to steer me away from that one!
+1 Reply
good decision looks like this blew up like the other GBP pairs today
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what about a bearish Gartley ?
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Akil_Stokes PRO jorgealvarez
There was no gartley on this chart
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godforex Akil_Stokes
i agree!
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