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UnknownUnicorn32021811

GBPNZD Nice risk/reward ratio

Short
British Pound / New Zealand Dollar (OANDA:GBPNZD)  
UnknownUnicorn32021811 Updated   
OANDA:GBPNZD   British Pound / New Zealand Dollar
Trend Analysis Support and Resistance Trend Lines GBPNZD short riskreward
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trendanalysis supportandresistance trendline gbpnzd short riskreward
Some pretty strong resistance in the 1.89830 price region for GBPNZD . This has been further supported by a consistent down trend throughout March (red trend line).
Comment:
Both currencies are expected to trade sideways (based of fundamentals), so its fairly likely the resistance will hold
Comment:
I'm waiting for the 4H candle to close (in 12 minutes) before I open a position
Comment:
Selling at 1.89590
SL: 1.89930
TP: 1.88200
Trade active:
Pretty trash entry price because I waited for the 4H candle, but lets see how the trade plays out and just learn from it
Comment:
Resistance broke, also should have entered earlier to reduce loss
Comment:
After reviewing the trade, I think drawing the red trendline was a mistake because a new high wasn't confirmed. I should have also entered the trade earlier to minimize losses. However, I remain bearish on this currency pair.
Comment:
Might enter a short position if we get a bearish engulfing candle
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