We are using our trend following EDGE strategy for this trade.
Entry details are shown on the chart.
Working the H1 time frame on this strategy.
We're only looking for TP3.
Previous long trade can also be seen on chart.
The trade history can be seen at the foot of this trade idea too for full transparency.
The GBP seems to be suffering some weakness today....
GBPNZD is in the major descending channel with the 618 fib falling exactly on the channel resistance. The inner channels upper resistance also lines up with the 618 fibonacci. Will be looking at shorting this soon - only after confirmation!
Would like to give thanks to @loudon3 for pointing out some of the things you see in this chart!
Price is at an important area in structure. Price can do one of two things here, either price will break structure and continue up to the next resistance area or sell off from where price is currently. Price is possibly forming an bearish flag, currently price formed an ascending channel and possibly could be forming an rising wedge towards trend line resistance....
A SECOND OPPORTUNITY ON THIS PAIR, AND HERE'S WHAT IT LOOKS LIKE TO ME.
PRICE IS CURRENTLY IN AN EXHAUSTIVE OR CORRECTIVE PHASE MEANING THAT WE'RE LOOKING TO TAKE ADVANTAGE OF POSSIBLE CONTINUATION AFTER THIS WEEKLY RETRACEMENT. I'M WAITING FOR THE BREAK OF DAILY SUPPORT LEVEL 1.29200. I'D PREFERABLY LIKE TO SEE A STRONG BEARISH CANDLE TO SHOW A NICE BREAK OF...