Here we have a VALID PATTERN on FX:GBPNZD , that is coming close to the completion point. Notice that this pattern's completion point is right at PREVIOUS ZONE, thus giving giving us extra bit of confidence in trading this pattern. Another main thing to keep in mind is that, the market has already reached the RSI OVERSOLD LEVEL, which is another good point in our favor. According to my rules, the stop loss for BULLISH PATTERNS goes BELOW the 200% Fib extension of the XA leg. Paying close attention to KEY PSYCHOLOGICAL ROUND NUMBERS, we have got one level right @ 2.33000. Now we are able to hide our stop loss BELOW both the PREVIOUS SUPPORT ZONE and the KEY PSYCHOLOGICAL ROUND NUMBER, 2.33000. See the chart above for more details.
IMPORTANT NOTE: I posted a BULLISH PATTERN idea for this same pair about 13 days ago and unfortunately the entry was NOT triggered and the market just took off from there. I would like to point out that after the big move up, the market was UNABLE to break above the C POINT of the BULLISH PATTERN. Thus keeping the pattern VALID up to this moment. So just to let you guys know that, I will ALSO be trading that BULLISH PATTERN, since the market is also coming close to its entry point. I'll add the link to the BULLISH PATTERN under the RELATED IDEA SECTION below.
Please feel free to AGREE or DISAGREE with this idea by leaving a comment below. Hit that thumbs up button (top left corner of this chart) if you like the idea. Thank you everyone for all the SUPPORT that you have given me so far, I truly appreciate it. Good luck everyone :)