IvanLabrie
Short

GBPNZD: Correction spotted

FX:GBPNZD   British Pound/New Zealand Dollar
534 21 16
2 years ago
This is an interesting chart. I was under the impression that this was a running correction intially but the recent price action makes me think otherwise.

The majority of the people are expecting a rate cut this week, during the RBNZ rate decision on Wednesday.
With heavy UK data coming out tomorrow, volatility is a given and I think the bigger risk/reward ratio will be on the short side.

Looking to short this week, using the 4h chart for entry, and scaling in as we move forward.
I'll update with my entry and scale ins once the trade is active.
This trade would serve as a hedge for GBPUSD             longs.

Good luck,

Ivan.
a year ago
Trade closed: stop reached
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HiTech PRO
2 years ago
I think 2.1750/60 yet to be tested in the next couple of days, they we could see the correction. Same for EURNZD, I am targeting 1.6050 before some reasonable correction.
Reply
Piphunters
2 years ago
Agree :) been following this pair for some time, and we might finally be there :)
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jangseohee
2 years ago
one more spike Up and down we go 2.06 gap to be filled
+1 Reply
IvanLabrie PRO jangseohee
2 years ago
Indeed, I aim for 2.06-2.045.
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Nice chart Ivan
+1 Reply
IvanLabrie PRO NickCoulby
2 years ago
Thanks mate ;)
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Entered short at 2.1523. Spread isn't the best, 5.4 pips but well.
Holding it with a wide stop, above the highest high.
I'll tighten the stop and scale in if it starts to work.
+1 Reply
snapshot


Gold posted a nice low here. Downtrend target, and also a previous retracement level.
Might head straight to 1191 asap and boost NZD with it.
+1 Reply
IvanLabrie PRO IvanLabrie
2 years ago
snapshot


Time and price uptrend expiration and a low volume resistance level above.
+2 Reply
IvanLabrie PRO IvanLabrie
2 years ago
snapshot
+1 Reply
Well, seems like the move started, I moved stop to break even on the second entry already.
I think we will test the mode support below, as first target: 2.1178 give or take.

Elliotticians might be seeing a wave 1-2 and start of 3 after the wedge completion. I don't want to label that move yet, but it does seem to match that description.

After we retrace a bit from the 2.1178 level, we can look to sell again. I'll update in due time.
+1 Reply
Covered partially and then got stopped for break even on the other half.
Monitoring price action now.
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IvanLabrie PRO IvanLabrie
2 years ago
Might not be a terminal wedge after all. Interesting nevertheless, tomorrow's data releases will move this pair big time.
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HiTech PRO IvanLabrie
2 years ago
Hey Ivan just wanted to share my ideas with NZD and GBP, where all NZD looking down and GBP up
GBPAUD - I changed the target slightly lower but yet to test it
GBPAUD CORRECTIVE WAVE IS ALMOST OVER


GBPNZD
GBPNZD CLEAR UPTREND


GBPUSD
GBPUSD TO TEST THE RESISTANCE


NZDJPY
NZDJPY FALLING


NZDCAD
NZDCAD 200 PIP DROP


GBPNZD will go down now only if I am soooooo wrong about all above
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HiTech PRO HiTech
2 years ago
and also AUDCHF
AUDCHF AT THE RESISTANCE
+1 Reply
IvanLabrie PRO HiTech
2 years ago
AUDCHF looks considerably bullish to me.
GBPNZD, I took a succesful short but didn't reach my targets and the retracement was too steep.
Now I'm not sure if the wedge was indeed a wedge or a more complex pattern.

snapshot


Thanks for reminding me to check. Looks like a downtrend expires today!
+1 Reply
HiTech PRO
2 years ago
GBPUSD and GBPAUD hit the target, while GBPNZD failed to go higher, perhaps the correction is the case now to test 2.1042
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HI JVAN what is zoar view on this pair now
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IvanLabrie PRO manijeh.kazemi.33
a year ago
Waiting to short, same as gbpaud.
I'll wait for a clear fifth wave completion on lower timeframes, entering from the hourly.
+1 Reply
IvanLabrie PRO IvanLabrie
a year ago
This was a running triangle B wave it seems.
+1 Reply
manijeh.kazemi.33 IvanLabrie
a year ago
thank you
Reply
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