SO NOW THAT EVERYONE HAS MADE IT CLEAR THAT GBPNZD HAS PAST MAJOR RESISTANCE AND SUCH. ONE COULD USE THIS WEDGE PATTERN AND 61.8% TO DETERMINE ENTRY ON THE H1 H4 SCALE. NOTE THAT I AM TALKING ABOUT LONGS HERE. GOING SHORT ON THIS PAIR IS NOTHING BUT INSANITY(LONG RUN). GOOD LUCK. LIKE MY IDEA IF YOU WISH TO RECEIVE UPDATES, OR SIMPLY IF YOU LIKE MY IDEA :)
UPDATE : I DREW THE TRENDLINE ON MY MT4 AND FOUND A DIFFERENT SCENARIO. RETHINKING ON THIS LONG SETUP NOW. DOES NOT SEEM THE BEST TRADE AT THE MOMENT AS THERE IS NO CLOSE ABOVE THE TRENDLINE YET AND THE W1 NZDUSD IS NOT LOOKING SO BRIGHT. TRADE WITH CAUTION.
REACHING CRITICAL 100.00 KEY LEVEL ONCE AGAIN. WHAT WILL HAPPEN? I DONT KNOW. BUT I KNOW YESTERDAY ON THE D1 SCALE, IT CLOSED 4 PIPS ABOVE 100.00. THATS GOTTA MEAN SOMETHING RIGHT? EITHER WAY, IM LOOKING LONG ON THE TRENDLINE FOR TARGET UP UP AND AWAY. D1 NOTE THAT CURRENTLY IT IS AT A 61.8% LEVEL. HOWEVER, DUE TO THE CLOSE ABOVE 100.00 LAST TRADING DAY, IM NOT...
LOOKOUT FOR THIS PAIR. IM IN A SMALL SHORT CURRENTLY. H4 FORMED AN INSIDE BAR INSIDE ANOTHER INSIDE BAR. ALL THE BEST. THUMBS UP IF YOU LIKE THIS IDEA. W1 D1
PRETTY SIMPLE TRENDLINES. WAIT FOR BREAK OF TRENDLINES TO TRADE EITHER SIDE. MOST PROBABLY UPSIDE AS NZD HAS BEEN GOING NOWHERE BUT UP ON THE M1. BUT TIMES COULD CHANGE, WHO KNOWS. D1
PERSONALLY I WOULD NOT TAKE THIS TRADE, AS RR WOULD NOT BE FAVOURABLE IF I WERE TO TAKE IT. SL WOULD HAVE TO BE ABOVE 0.786. NO RSI DIVERGENCE/OVERBOUGHT CONFIRMATION ON H4 NOR D1. THIS TRADE LOOKS GOOD ON THE OUTSIDE. H4
SEE CHART. TRADING THE 78.6% OF THE BULLISH IMPULSE UPWARDS. ALSO THE 161.8% OF THE CORRECTION WAVE. RSI D1 DIVERGENCE. BUY @ 78.6% WITH SL BELOW 88.6%. TP1 - 61.8% OF CORRECTION TP2 - TOP OF BULLISH IMPULSE. NOTE THAT I ALSO HAVE A GBPJPY SELL SETUP. IT IS CONTRADICTING, YES, BUT YEN HAS BEEN WEAK WHILE DOLLAR WAS STRONG. SO THERE ARE DISPARITY. BOTH ARE VALID.
SEE CHART. PRETTY MUCH SELF EXPLANATORY IF YOU UNDERSTAND THE PATTERN. @ 161.8% IS A GOOD SELL AREA. D1 RSI DIVERGENCE. I HAVE ENTERED A SMALL POSITION SELL AND ENTERING ANOTHER AGAIN AT BREAK OF SUPPORT TRENDLINE. STOP MUST BE ABOVE THE 161.8%.
BAT SETUP FOLLOWED BY CURRENT FORMING BAT SETUP? I AM ALREADY IN @ 61.8% WITH SL SLIGHTLY BELOW 1.0800. JUST WANTED TO POST THIS TRADE SETUP TO SEE THE UPSIDE POTENTIAL. TRADING THIS TO THE TOP THEN SELLING IT TO THE BOTTOM IF MARKET ALLOWS. THUMBS UP IF YOU AGREE, COMMENT IF ANY QUERIES. ALL THE BEST.
EDIT: PARDON ME REGARDING THE RSI DIVERGENCE PART. THERE IS NONE YET. "YET" BUT SEVERELY OVERSOLD IT DEFINITELY IS. SEE CHART FOR EXPLANATION. BUYING NEAR THE 1272. WITH STOP BELOW 141.4, MAYBE EVEN BELOW 161.8 DEPENDING ON HOW MUCH POSITION AND THE PRICE THAT I CAN GET IN AT. I WILL TAKE POSITION AT 127.2, 141.4 AND EVEN 161.8 IF IT REACHES THERE. THE 127.2...
LONG @ 88.6 WITH SL BELOW 100% WILL 88.6% HOLD? MAIN TREND IS UP IMO. THESE MOVES DOWN IS CORRECTION. IF IM RIGHT THIS IS THE START OF THE NEXT IMPULSE UP. BREAK OF TRENDLINE WILL VALIDATE MY POINT. I WILL ADD POSITION ONCE TRENDLINE IS BROKEN. FOR NOW, A SMALL POSITION OPENED.
BEEN A WHILE SINCE I POSTED MY LAST IDEA. WAS REDEVELOPING MY CHARTS TO BETTER SUIT HOW I VIEW IT. HERE IT IS. GBPCAD MET 0.886% AND BROKE BELOW SUPPORT TRENDLINE AND RETESTED IT. SHORTED IT AT RETEST AIMING FOR 61.8%. I HAVE ALSO LONG EURGBP EURCAD EURUSD AUDUSD. RECENTLY ENTERED AUDUSD WILL POST IT LATER. CLICK THUMBS UP IF YOU LIKE MY IDEA AND CHART. D1
SEE CHART. PRETTY MUCH SELF EXPLANATORY. D1 DID FORM A VERY VERY BEARISH HAMMER, SORTA LIKE THOR'S HAMMER. MAKING PRICES IMMOVABLE UPWARDS. BUT ANYWAYS, OBSERVE PRICE TO SEE WHICH SIDE BREAK. THOR'S HAMMER SHOULD HOLD. D1 SHOWING THE MAGNIFICENT THOR'S HAMMER
ALREADY IN AND TOOK SOME PROFIT, BUT WANT MORE. RE SELL AT THAT MARKED AREA ACCORDING TO PRICE. D1 PRICE CLOSED OUT OF WEDGE AND FLAG, THAT MUST MEAN SOMETHING RIGHT? ONLY DOWNSIDE IS D1 DID NOT CLOSE BELOW 1.5100, LEAVING SOME CHANCE OF A "BREAK BACK" INTO WEDGE. WATCH OUT FOR THIS AND EURJPY TRADE. CLICK THUMBS UP IF YOU, WELL, LIKE MY IDEA. TAKE NOTE US AND...
PRICE BREAKING DOWNWARDS OF THE FLAG INSIDE THE WEDGE? DOUBLE CONFIRMATION OF GOING SHORT IF THIS HAPPENS. THUMBS UP IF YOU, WELL, LIKE THIS IDEA. D1 H4
ONE WOULD OBSERVE THIS PAIR TO SEE WHERE IT IS GOING AS PRICE HAS MOVED AND CLOSED BELOW WEDGE D1. PRICE HAS CORRECTED TO H4 RESISTANCE LEVEL AND FORMER WEDGE SUPPORT. WILL IT BOUNCE? WILL IT BREAK? ONE SHOULD OBSERVE BEFORE DECIDING. D1
SIMPLE STRUCTURE ANALYSIS. MUCH PREFER TO GO LONG HERE ON BOUNCE, DEPENDING ON H4 CANDLE CLOSE, DECIDE WHICH DIRECTION TO FOLLOW.