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DrSwing_Forex

GBPNZD: Help me out, are we bullish???

Long
British Pound / New Zealand Dollar (OANDA:GBPNZD)  
DrSwing_Forex  
OANDA:GBPNZD   British Pound / New Zealand Dollar
Trend Analysis Support and Resistance Chart Patterns
6
0
trendanalysis supportandresistance chartpattern
464 pips!!! If this sounds good to you, take a look at this idea and like if you agree with it.

Reward: 464 pips 🤑
Risk: 32 pips ❌
Risk/Reward Ratio: 14.08 ✅

Chart Breakdown:📉📈
  • Daily:On the daily timeframe we have an uptrend in place and a buy setup that occurred probably two weeks ago giving us an overall bullish sentiment on this timeframe.
  • 4 Hour: We have a double bottom formation on this timeframe indicating a change in trend from downtrend to uptrend. Price broke above the neckline of the double bottom giving us a reason to have a bullish sentiment.
  • 1 Hour: We have a downtrend in place on this timeframe but the double bottom formation on the 4 hour chart confirms that there is a change in trend. I am waiting for price to re-test the neckline of the double bottom, form a bullish reversal candlestick pattern and finally breakout of the downward trendline.

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DR.Swing_Forex
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