Fxprotrader
Long

GBPNZD Long Term Downtrend Is Probably Over

FX:GBPNZD   British Pound/New Zealand Dollar
257 5 21
As expected price has broken above the daily downtrend with a sharp move. We should now wait for price to consolidate and buy GBPNZD             . A MACD divergence shows that this sell off has lost its power.
I may buy this on Monday and if there is a pullback buy again. good luck
Reply
Fxprotrader Piet.Hein
Correction after a breakout offer two things.. First and more important it secures that price has the potential to keep moving in the direction of the breakout. Second it offers much greater risk/reward ratio. You are such a good technical analyst but a just give you my thoughts. Have a nice trading week Piet.!
Reply
Piet.Hein Fxprotrader
Thanks friend! You are very good too, I really like your charts. You are right and I agree with you.
For me there is 3 ways to trade a breakout:
1 enter anticipated (best RR, but low accuracy)
2 enter on the breakout (worst RR, but you will take the movement if it happens)
3 enter on the pullback (great RR, but you need the pullback)

I like to trade with with 2 and 3, Im buying it now and setting a buy limit order for a pullback :) Have a nice week friend!
Reply
Piet.Hein Piet.Hein
There are 3 ways ***
Reply
Fxprotrader Piet.Hein
Great.. 2 and 3 is the way i go too.. :)
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