GBP/NZD 1H Bearish Bat @ 1.9000
Pair has broken below the major structure support back in November 2020, as we can see on the daily chart below. Price has already tested the previous structure level once and now is coming back for second test, if this one is gonna break through the previous struture level, then we gonna get possible double bottom here. But if it doesnt then we may se a move lower, back to the structure support.
Meanwhile this little nice bat pattern has formed on 1H chart providing nice opportunity to sell at the structure. I have missed the initial test of this but wil see if we come back for a little retest of the same area. I will be looking for a RSI go overbougt and diverging as confirmation of sell signal. ATR based stops above the patterns starting point will make sure I am out of the trade in case I am wrong about this one.
Min R/R ratio for this trade is 1.74
I remind you that this is just my vision about possible market movements. If you have your own, please share in comments. I will be glad to discuss with you. I will be very grateful for supporting my post by your LIKEs, if it's not so hard for you.
Plan your trade, Trade your plan and Good luck in the markets!!
Meanwhile this little nice bat pattern has formed on 1H chart providing nice opportunity to sell at the structure. I have missed the initial test of this but wil see if we come back for a little retest of the same area. I will be looking for a RSI go overbougt and diverging as confirmation of sell signal. ATR based stops above the patterns starting point will make sure I am out of the trade in case I am wrong about this one.
Min R/R ratio for this trade is 1.74
I remind you that this is just my vision about possible market movements. If you have your own, please share in comments. I will be glad to discuss with you. I will be very grateful for supporting my post by your LIKEs, if it's not so hard for you.
Plan your trade, Trade your plan and Good luck in the markets!!
Trade active:
Etered on lower low lower close candle