informedtrades
Long

Countertrend Trade Setup on GBPNZD

FX:GBPNZD   British Pound / New Zealand Dollar
87 0 1
Normally I'm not interested in trading against the trend, but I think enough of an opportunity exists in going against the trend here -- and after much observation I think it may improve my trading -- I thought the setup on GBPNZD             would be worth taking. We see price is in a bit of a downward channel , but has fallen to support where today's price action is stalling a bit. I think this is the market responding to support and perhaps gearing up to go back to the top of the channel. As such, I'm long at 9877, with my stop at 9778 and my take profit at 2.0504.

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