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Fed02
Mar 29, 2021 9:09 AM

GBPNZD long swing trade 3:3.34 RR high probability trade Long

British Pound/New Zealand DollarFXCM

Description

Confluences:
-Price just broke out of the 4H consolidation area
-Personally now I'll wait for price to come back to retest the consolidation area
-For an aggressive entry: I'll put a buy limit at the top of the consolidation area
-For a safer entry: I'll put a buy stop when I see signs of rejection and continuation to the upside

Additionally the weekly closed very bullish, and the consolidation happened at a quarter level, giving me a high conviction on this trade. However there is always the risk of a fake breakout so be wary.

What do you guys think?
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