moneymaking
Long

GBPNZD: BULLISH CYPHER PATTERN ON 4 HOUR !!!

FX:GBPNZD   British Pound/New Zealand Dollar
Hello Trader,

Similar to the FX:GBPAUD             trade setup, here we also have a BULLISH CYPHER PATTERN on FX:GBPNZD             that is very close to the completion point. Note that we also have HIDDEN BULLISH DIVERGENCE on the RSI . Keep in mind that only take regular or hidden divergences seriously, once the market starts to BREAK STRUCTURE in the direction of the divergence. This pair has also been in a strong BULLISH trend and this pattern allows us to jump into the direction of the MAJOR TREND. We also got a favourable risk to reward ratio for this setup. See the chart above for more details.

Please feel free to AGREE or DISAGREE with this idea by leaving a comment below. Hit that thumbs up button (top left corner of this chart) if you like the idea. Good Luck :)
GcNaif MOD
a year ago
good one mate, i m seeing 2.33 as possible reversal area. but afraid to open the trade because we have a chinese release on saturday
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moneymaking GcNaif
a year ago
Hey Gc, Yeah 2.33 level could be a potential reversal level. Always think about preserving your capital, it's your choice whether to take the trade or not. Don't need to take any unnecessary risk. By the way have a GREAT WEEKEND mate, ENJOY :)
Reply
GcNaif MOD moneymaking
a year ago
see mate this is what i m seeing ,based on clones, but before reaching that reversal area it may retest that broken long term trendline
snapshot
+1 Reply
moneymaking GcNaif
a year ago
Yeah, the retest of the trend line is very much likely to occur. By the way how does the cloning strategy works? I've heard many traders talk about it but I don't know how it works.
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GcNaif MOD moneymaking
a year ago
it works great, keeps u active n alive in trade , helps u to get out of bad trade soon, for me clones are nothing but the refined support resistanace i call the areas as decision points
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FullTimeTrader
a year ago
Hello, perfect pattern, we could have some reaction near the PRZ but i would be careful because the D1 chart has strong bearish momentum. Im short now but i will consider your setup to take profits.
Happy weekend.
+1 Reply
GcNaif MOD FullTimeTrader
a year ago
fulltime mate , congrats on your GN short trade, well done mate
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FullTimeTrader GcNaif
a year ago
Thanks! this was a good weekend for me, but little stressing due to heavy news, now we all deserve a rest. See you on monday.
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moneymaking FullTimeTrader
a year ago
Hey FullTimeTrader, Yeah the current move is still bearish. I am likely to re-consider this setup AFTER the weekend. Let's hope we can see some signs of reversal. All the BEST mate, and have a GREAT WEEKEND as well, ENJOY :)
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RCP
a year ago
Nice setup. worth catching this opportunity
+1 Reply
moneymaking RCP
a year ago
Hey Avto_T, thank you mate. Yes, definitely something to keep a close eye on. Have a GREAT WEEKEND mate :)
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I see a formation for a double top, It also broke a up trend price channel, so we have to wait and see if it was a false break to decide, anyways, im waitin for some price action on THE 2.3300 area
+1 Reply
moneymaking zakaria.serroukh.5
a year ago
Hey zakaria, just wanted to clarify, on what time frame so you see that double top? If you could post a chart showing the double top that would be great. Thank you mate :)
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zakaria.serroukh.5 moneymaking
a year ago
GBP NZD SHORT
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moneymaking zakaria.serroukh.5
a year ago
Ohh ya, Double top on daily time frame is definitely worth keeping an eye on. Thank you for the clarification mate, appreciate it :)
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zakaria.serroukh.5 moneymaking
a year ago
Anytime mate, I keep the eye because it broke the channel and forming the double top, means we should be careful :)
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moneymaking zakaria.serroukh.5
a year ago
These are the two scenarios that are possible (see the chart below), if we are unable to BREAK and CLOSE below 2.31551 level, then we can't think about selling on this pair.

snapshot
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zakaria.serroukh.5 moneymaking
a year ago
You are right, high probability scenarios, and we can not forget the resistance on mounthly chart neat the 2.3260 area,
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moneymaking zakaria.serroukh.5
a year ago
Yup, that's definitely a key monthly level to keep in mind. By the way have a GREAT WEEKEND mate, ENJOY :)
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zakaria.serroukh.5 moneymaking
a year ago
Yes man, great weekend, we have to clear our minds and get ready, we may see some new trends :) Goodluck and happy weekend
+1 Reply
moneymaking zakaria.serroukh.5
a year ago
Definitely, getting the Non-Farm Payroll (NFP) out of the way, the uncertainty will be much lower in the coming weeks. Thank You :)
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zakaria.serroukh.5 moneymaking
a year ago
NFP and the heavy GBP data,, anyway hoping for good profits, Thank you mate :)
+1 Reply
moneymaking zakaria.serroukh.5
a year ago
No Problem :)
Reply
moneymaking
a year ago
See the GBPAUD trade setup that is in similar situation:
GBPAUD: BULLISH CYPHER PATTERN + HARMONIC ABCD [4 HR] !!!
+1 Reply
TahirAli moneymaking
a year ago
Hi moneymaking,very good analysis. I am hoping that I will have a chance to enter either of these two trade possibilities.
+1 Reply
moneymaking TahirAli
a year ago
Hey Tahir, thank you mate. Yes, these are definitely some good opportunities to get involved. All the BEST to you and have a GREAT WEEKEND mate. ENJOY :)
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TahirAli moneymaking
a year ago
Same to you bro.Have a great weekend.
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ddp922
a year ago
Looks good since I cant see nu making it to far up before a major reversal
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moneymaking ddp922
a year ago
Hey ddp922, yeah the thing is we have gotten double top on GBPNZD and double bottom on NZDUSD, both are on DAILY time frames (see the charts below). Before selling or buying either of these pairs, we have to wait for BREAK and CLOSE beyond key levels (marked by black dashed lines in the charts below).

snapshot


snapshot
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moneymaking
a year ago
UPDATE #1: Hello everyone, unfortunately we didn't get our entry ttriggered and the market just hit both our targets. So, this is similar situation to AUDUSD bullish crab pattern idea that I posted couple of weeks ago. I have decided to hold onto this patterns. The only moment when this trade setup will become invalid is when we get BREAK and CLOSE above the "C" completion point. Until then, this pattern and this trade setup remains valid :)
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