FX:GBPNZD   British Pound/New Zealand Dollar
1221 20 17
a year ago
We have a spike acting as support on monthly chart near 2.25000
snapshot


On D1 chart price overextended and RSI oversold
snapshot


Here on H4 chart.
- bullish divergence near 2.2500
- engulfing bullish candle

Currency streght information:
- NZD extremely overbought
- GBP recovering from oversold levels

This is a risky trade, i will manage SL and targets manually.

Regards.
a year ago
Comment: First target hit, moving SL to BE
Also time at mode 18 bar downtrend target hit, implies reversal back to the mode.

GBPNZD: Target


See eurnzd as well:
snapshot
Reply
FullTimeTrader IvanLabrie
a year ago
Thanks for the information, i prefer to long the GBP because according to my currency meter is recovering strongly for oversold levels. The eur is "sideways". Regards.
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IvanLabrie PRO FullTimeTrader
a year ago
Cool, I'll take the Euro because of the rgmov readings.
Both should work. GBPNZD can be a pretty sharp one. :)
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IvanLabrie PRO IvanLabrie
a year ago
You will like this:
Pound expressed in Gold: wave 4 done?
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traderghloh IvanLabrie
a year ago
Cool stuff. I'm setup for a long position after seeing last Fri's price action. All set and ready for the rally.
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FullTimeTrader traderghloh
a year ago
Hello, yes, im already in, next week this pair should make a correction. Regards.
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traderghloh FullTimeTrader
a year ago
Money in the bank. Still many opportunities
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this downward move is so sharp to consider as easily reversible. Going long is going against the trend. I would prefer to wait for confirmation. Thanks for sharing idea :)
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FullTimeTrader Elliottician_SamRoy
a year ago
Hello, i dont think this is a "reversal", its a short term "risky" counter trend trade. Some traders are trend followers or wait for confirmation and its very valid. Thanks for comment.
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Vibonazi PRO
a year ago
I also had this idea and really liked your deeper confirmation. Now if the darn thing would just take offffff...... It's sloooooowwwww. This is my longest term trade sofar. You get to know it like a friend haha
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ImoneyCorp
a year ago
I was waiting for another big drop before I get it and it happened today and so I am in for a long setup. This now can go up to the levels of 2.400 even before it resumes it's downtrend. I am keenly following to see and will as well manage my stops manually but overall seems a good trade.
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ImoneyCorp
a year ago
@fulltimetrader what meter do you use, can you share? I use fx multi meter which indicates that the downside is at over 90% which then translates to an upward momentum...
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traderghloh ImoneyCorp
a year ago
It is shopping time to long gbpnzd - it is the moment.
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FullTimeTrader traderghloh
a year ago
Hello, i use a similar indicator you mention and the same way. Sometimes it is useful to choose extreme oversold or overbought currencies.
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snapshot

I will look for long like this
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FullTimeTrader spesfinancial
a year ago
Hello, thanks for sharing, i personally dont use breakout strategy because sometimes prices move fast and the risk reward ratio is not good. It depends on each trader's style. Regards.
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spesfinancial PRO FullTimeTrader
a year ago
Sure, I'd like to learn more about your strategy. Keep following you.
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traderghloh spesfinancial
a year ago
Made more money when it shot like a star after the NZD news. From now on, trend change to uptrend.
Reply
Neel_K PRO
a year ago
Just started watching this pair , and looked out for ideas. This was a great analysis and good explanation. Nice one . Thanks for sharing.

Do you have any latest outlook on this one. I was looking at this as below
Few probable setups based on bullish bias on GN
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FullTimeTrader Neel_K
a year ago
Hello, my bias is bearish, the correction to the upside already finished. See chart below, that analysis is still valid. This is just my opinion and my prefered scenario right now. Regards
GBPNZD-correction finished
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