Ok everyone so we were selling GBPNZD. Our trading team caught the top with a small micro lot closing with a nice $72 dollar profit.
Currently price is pulling back inside a bullish flag range. We broke a descending pennant into a symmetrical 1hr / 30m pinch (marked by the purple lines)
If you take notice we are riding the 50% bullish range dashed line. We are below the horizontal range 50% dash line as well from the support and resistance RED AND BLUE LINES. This means we are bearish in the short term until we ....
1. Make a new low and a new higher high inside the slanted bullish range.
2. Stay above the 50% bullish range dashed line and break out of the solid black top range line.
3. Show a buy pattern AFTER we break out of the 2hr range which means we will be looking for a DAILY pullback to 61% (marked by the yellow circle). In that zone is where a buy continuation can happen. Or a resistance can form here and we continue lower making a MONTHLY LOW before making a monthly new high in 4 to 6 months from now. Too far out to tell.
The blue dashed line is your support on the 4HR and the 50% monthly medium price range from the Major support and monthly resistance.
Sellers sit above the last high (point D/5)
Buyers sit around Major Support dark blue line. Once point C breaks and makes a new low that is when buyers will try to push back in.
Are you a buyer or seller of GBPNZD? Long term or short term?
I see a ABCD possibility inside this ABC correction that is happening after the 12345 impulse we just had.
PLEASE UNDERSTAND WE ARE AT MONTHLY HIGHS AND PRICE DOES NOT HAVE TO CONTINUE HIGHER RIGHT NOW. WE ARE ON AN OBVIOUS PULLBACK AND THIS IS A CONSOLIDATION ZONE!!!!! THE TREND IS YOUR FRIEND FOLLOW THE DOWNWARD TREND UNTIL WE HAVE SUPPORT ABOVE THE MONTHLY RESISTANCE!
As always trade safe, manage risk, and please comment and like for support!
Currently price is pulling back inside a bullish flag range. We broke a descending pennant into a symmetrical 1hr / 30m pinch (marked by the purple lines)
If you take notice we are riding the 50% bullish range dashed line. We are below the horizontal range 50% dash line as well from the support and resistance RED AND BLUE LINES. This means we are bearish in the short term until we ....
1. Make a new low and a new higher high inside the slanted bullish range.
2. Stay above the 50% bullish range dashed line and break out of the solid black top range line.
3. Show a buy pattern AFTER we break out of the 2hr range which means we will be looking for a DAILY pullback to 61% (marked by the yellow circle). In that zone is where a buy continuation can happen. Or a resistance can form here and we continue lower making a MONTHLY LOW before making a monthly new high in 4 to 6 months from now. Too far out to tell.
The blue dashed line is your support on the 4HR and the 50% monthly medium price range from the Major support and monthly resistance.
Sellers sit above the last high (point D/5)
Buyers sit around Major Support dark blue line. Once point C breaks and makes a new low that is when buyers will try to push back in.
Are you a buyer or seller of GBPNZD? Long term or short term?
I see a ABCD possibility inside this ABC correction that is happening after the 12345 impulse we just had.
PLEASE UNDERSTAND WE ARE AT MONTHLY HIGHS AND PRICE DOES NOT HAVE TO CONTINUE HIGHER RIGHT NOW. WE ARE ON AN OBVIOUS PULLBACK AND THIS IS A CONSOLIDATION ZONE!!!!! THE TREND IS YOUR FRIEND FOLLOW THE DOWNWARD TREND UNTIL WE HAVE SUPPORT ABOVE THE MONTHLY RESISTANCE!
As always trade safe, manage risk, and please comment and like for support!
Comment:
Forgot to add the yellow circle. This would be around price 1.97 or 1.95 depending on where we break upwards out of this bullish channel and how stretched the waves are inside this channel.
