Hey tradomaniacs,
welcome to another free trade-plan.
Important: This is meant to be a preparation for you. As always we will have to wait for a confirmation.
GBP/NZD: Daytrade-Preparation
Market-Sell: 2,06850
Stop-Loss: 2,07500
Target 1: 2,06270
Target 2: 2,05800
Target 3: 2,05250
Stop-Loss: 65 pips
Risk: 1%
Risk-Reward: 2,50
LEAVE A LIKE AND A...
Price has formed a head and shoulders patter on the 1H. The head rejected a strong resistance level therefor bearish momentum might follow.
Price broke the neckline and has now retested the area.
It has been almost 20 days waiting for the completion of the GBPNZD corrective wave. Price has just retested the anticipated confluence level and I will be looking to short at the break of the confirmation line.
Previous analysis:
PRICE EXPECTED TO RETRACE BEFORE BREAKING WEDGE
PRICE BOUNCED FROM 0.5 FIB ON DAILY
LOOKING TO MAKE WAYS TO 1.272 ON FIB EXTENSION WHICH ALIGNED WITH PREVIOUS SUPPORT
ENTRIES WILL BE UPDATED CLOSER TO TIME
There is a Bearish engulfing pattern on 12.10.2017 completing a morning star for GBPNZD.
Trade as follows:
Sell Limit:- 1.848-1.85
Stop Loss: above 1.87
Take Profit: 1.78
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