FullTimeTrader
Short

GBPNZD-triple top with triple divergence-very rare

FX:GBPNZD   British Pound/New Zealand Dollar
1165 21 25
This setup is pure technical, a very rare case of triple top with triple divergence. I used to trade this setups when studying divergences.
Price is extremely exhausted and i think will make a correction next days.
The round level 1.400 is hard to break, so the SL is well protected above it.
Right now price is doing its last pullback! the R/R ratio is good for an entry, if i'm wrong my SL is small, it was a good try.

Best regards.
Nice chart, but the colors are misleading. Green should be take profit and red stop loss. Or was it intentional?
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Arrggg! i did a mistake i will publish a comment correcting it. Thanks.
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thank you, the setup is good...
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Sorry i chose the wrong tool, this is the correct setup for SL and Targets.
snapshot
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isn't the round level 2.400 and not 1.400
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FullTimeTrader LearningForex
Hou are right, but the label on the chart is clear 2.400
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LearningForex FullTimeTrader
got it
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Great insight mate, looking forward to trading this. All the BEST :)
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one more good call mate. thanks for sharing
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interesting but looks like triple bullish divergence as wel...
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UPDATE: moving SL to BE and waiting for targets to be reached, i do not want any surprise.......
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GcNaif MOD FullTimeTrader
good move mate, yeah this pair is always a surprise pack . Any dip on this pair is the buy opportunity .
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Agree, should stay on the buy side until 2.31551 level is broken. Good decision Fulltimetrader. You definitely have to actively manage positions on this pair.
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FullTimeTrader moneymaking
Yes, the series of HH and HL is still intact and basically this is a counter trend trade. If the 2.3155 level is broken we can look for shorts using other setups.
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moneymaking FullTimeTrader
Exactly, my ONLY rule about any type of divergences is that, the market must confirm the divergence by breaking major structure level in the DIRECTION of the divergence. Other than that, divergence is useless according to my rules :)
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GcNaif MOD FullTimeTrader
with current PA it looks like it will hit ur first target soon image]https://www.tradingview.com/x/roLYyafH/
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snapshot
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Thank you.
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pull the monthly chart with an oscilator you will see a bearish divergence also starting with 2.4 resistance. short also has a nice carry to it. this pair was so parrabolic if correction start it will have a nice leg down
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pabx06 pabx06
snapshot
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Hello, you are right, this could be the start of a big leg down, i published a monthly chart also
GBPNZD-correction or trend change starting?
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