My view of GBPNZD. Potential long opportunity.
I am expecting a pullback to the downside due to bear flag being formed on 1D TF. We will see how things go ater ILO Unemployment rate is released. 1.92000 is an area that provided strong support throughout April and May. My idea is valid and will be active IF we come down to our Entry Level 1.92129. My Stop Loss is well below a possible Stop Hunt at 1.91665. At 1.96438 set your Stop Loss at Breakeven. At TP 1 close partial and wait for a clear break to the upside. If we fail to break 2.00686 again, we might get the third touch, “tripple top” (marked with red ellipses). TP 2 and TP 3 will be hit after clear breaks and continuations to the upside.
PARAMETERS
- Entry: 1.92129
- SL: 1.91488
- TP 1: 2.00686
- TP 2: 2.02692
- TP 3: 2.04316
KEY NOTES
- 1D timeframe showing a possible bear flag formation.
- ILO Unemployment rate released on 14th of September 2021.
- 1.920000 is an area that provided strong support throughout April and May.
- If we fail to break 2.00686 again, we might get the third touch, “tripple top” which may cause the price to come down and retest the 1.920000 area.
- TP2, TP3 valid only if we have clear breaks and continuations.
Enjoy the rest of your weekend and happy trading.
I am expecting a pullback to the downside due to bear flag being formed on 1D TF. We will see how things go ater ILO Unemployment rate is released. 1.92000 is an area that provided strong support throughout April and May. My idea is valid and will be active IF we come down to our Entry Level 1.92129. My Stop Loss is well below a possible Stop Hunt at 1.91665. At 1.96438 set your Stop Loss at Breakeven. At TP 1 close partial and wait for a clear break to the upside. If we fail to break 2.00686 again, we might get the third touch, “tripple top” (marked with red ellipses). TP 2 and TP 3 will be hit after clear breaks and continuations to the upside.
PARAMETERS
- Entry: 1.92129
- SL: 1.91488
- TP 1: 2.00686
- TP 2: 2.02692
- TP 3: 2.04316
KEY NOTES
- 1D timeframe showing a possible bear flag formation.
- ILO Unemployment rate released on 14th of September 2021.
- 1.920000 is an area that provided strong support throughout April and May.
- If we fail to break 2.00686 again, we might get the third touch, “tripple top” which may cause the price to come down and retest the 1.920000 area.
- TP2, TP3 valid only if we have clear breaks and continuations.
Enjoy the rest of your weekend and happy trading.