GBPNZD - 60min Timeframe - Update on Short Opportunities
Following our previous analysis on the daily timeframe (www.tradingview.com/...Short-Opportunities/), we have noticed that after a first impulse to the downside, the pair never broke the daily trend and, instead, went for a further complex correction to the upside. This does not at all invalidate the bigger picture on the
GBPNZD
pair, however, and we are still expecting a big move to the downside, at least to retest previous lows in the 1.67 area.
From this moment on therefore, we will be looking for sell setups, on this pair: watch out for ending diagonal formations and other price action patterns for an entry point on their break. For a more conservative approach, wait for a first impulse to the downside, wait for a small correction of said impulse on the 60min timeframe, and sell the break of said correction with a stop loss above it. Please note that the pair could still go and pullback all the way to retest the previous daily top at 1.98396, but that would still not negate the daily and weekly structures for which, right after, it will have to come down to the aforementioned daily target - we are pointing this out in order that traders can manage their positions accordingly.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.
GBPNZD
pair, however, and we are still expecting a big move to the downside, at least to retest previous lows in the 1.67 area. From this moment on therefore, we will be looking for sell setups, on this pair: watch out for ending diagonal formations and other price action patterns for an entry point on their break. For a more conservative approach, wait for a first impulse to the downside, wait for a small correction of said impulse on the 60min timeframe, and sell the break of said correction with a stop loss above it. Please note that the pair could still go and pullback all the way to retest the previous daily top at 1.98396, but that would still not negate the daily and weekly structures for which, right after, it will have to come down to the aforementioned daily target - we are pointing this out in order that traders can manage their positions accordingly.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.
Comment:
Putting our short positions in BE, in case it reveals to be a running flat for more upside:
Comment:
Monitor closely. The pair could be forming a 60min running flat for one last dip to the downside to complete the bigger regular flat on the 4hr timeframe (for more upside). Manage your positions accordingly, in order to take some profit.