GBPNZD-bearish shark near 2.400

FX:GBPNZD   British Pound / New Zealand Dollar
596 15 9
Hello, according to my previous long term analysis im expecting a strong pullback on this pair:

On D1 chart price broke the channel and previous level of S/R for the first time, we have also bearish divergence on MACD

Im trying to find a good entry point with a good R/R ratio because this pair is very volatile.

Here on H4 chart a nice bearish shark pattern is forming, the stop loss is secure above the round level 2.400

I will place a sell limit order there. If this setup works we could see a HUGE decline.

Best regards.
UPDATE: Target 1 reached, moving SL to BE and more to come, the bearish momentum is still strong!!. Target 2 and 3 area reachable.
+1 Reply
RamprasadSanthanam FullTimeTrader
Thanks so much i also see your chart FullTimeTrader commented on GBPNZD: BULLISH CYPHER PATTERN ON 4 HOUR !!! is that also valid ?
FullTimeTrader RamprasadSanthanam
Hello, not all the patterns work, we need to see the market context before. Most of them just make some reaction near the PRZ, from my point of view the bearish momentum is strong so it would be better to look for bearish harmonic patterns.
RamprasadSanthanam FullTimeTrader
got it thanks
I hope to see 2.400 smashed through.
+1 Reply
Hello, I am short GBP/NZD and GBP/CAD from various levels, my average is GBP/NZD short is 2.3566 and GBP/CAD short is 2.0302, expecting to come down, but i carrying losses for the past two weeks, that paining, can you please comment am i in good direction ?
FullTimeTrader RamprasadSanthanam
My bias is the same, buts its difficult to find an entry point. This setup is already triggered. If the rate news tomorros is "bad" for the GBP i hope all GBP pairs will crash. It would be better to choose only one GBP pair not to overexposed your account.
Just in case im putting a buy stop order on GBP if the rates are "good" for the GBP and we have one more push up.
+1 Reply
RamprasadSanthanam FullTimeTrader
Thanks and appreciate your reply
RamprasadSanthanam RamprasadSanthanam
Great call, its going down now ? any short term level you are watching ? Thanks
FullTimeTrader RamprasadSanthanam
hello, the targets are shown on the chart, but you can take partial profits before
+1 Reply
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