ChaosTrader63

GBP vs NZD Short Trade 9-4-13

FX:GBPNZD   British Pound/New Zealand Dollar
162 3 1
Were going to be looking for a short opportunity on the GBP vs NZD on the 4 hour time frame. Price has moved up and formed a top and then started to range between the high of 2.00748 and our support level at 1.98000 Price has since broken our support level and we are looking for a retracement back to that level. Since we have a plan we wont go chasing the market but rather let the market come to us and get the price we desire. If price doesn't retrace back to our level then we'll sit on our hands until the next trade. Being that this pair spikes a lot we have our stop set just above the support which is now resistance slightly above the candle that broke support. The market has a memory and will look for support to fall on and that level is our target which is in line with the 1.94500 whole number support. Again that's my take! Have a great trading day and God bless!
Perfect! The rate has retraced now. I follow you and shorted the GBP.
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you're putting the pressure on me......lol!
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I'm in the trade also so we'll see how it goes!
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