GBPNZD short based on timeframe correlation and price action
Shorting based on timeframe agreement and price action
**DAILY**
> lower lows and lower highs
> yesterday's candle is an assumed lower high giving a good reference point for a stoploss above that level
> Yesterday's candle interacted with previous zonal support and resistance, as well as the upper edge of a the linear regression channel. These are good indications that the price could be overbought and therefore move lower
** 4 Hourly**
> price structure on the 4 hourly has viable started to make a lower low. This is not yet confirmed though has need a lower high to materialize
> the price action the 4 hourly is the only chart which gives me cause for concern to short
** Lower timeframes**
> good signs of lower lows and lower highs, with the price moving within the linear regression channel
Trade Setup:
> entered at 1.8539. If entering, would wait for the price to get near to that region
> stoploss above yesterday's high
> take profit on 1:1 reward to risk means a level around 1.8304
**DAILY**
> lower lows and lower highs
> yesterday's candle is an assumed lower high giving a good reference point for a stoploss above that level
> Yesterday's candle interacted with previous zonal support and resistance, as well as the upper edge of a the linear regression channel. These are good indications that the price could be overbought and therefore move lower
** 4 Hourly**
> price structure on the 4 hourly has viable started to make a lower low. This is not yet confirmed though has need a lower high to materialize
> the price action the 4 hourly is the only chart which gives me cause for concern to short
** Lower timeframes**
> good signs of lower lows and lower highs, with the price moving within the linear regression channel
Trade Setup:
> entered at 1.8539. If entering, would wait for the price to get near to that region
> stoploss above yesterday's high
> take profit on 1:1 reward to risk means a level around 1.8304
Trade closed: stop reached