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laughingchartist

GBPNZD [1-3 days view]

Short
British Pound / New Zealand Dollar (FOREXCOM:GBPNZD)  
laughingchartist Updated   
FOREXCOM:GBPNZD   British Pound / New Zealand Dollar
Trend Analysis Chart Patterns Technical Indicators GBPNZD Forex trading investing Technical Analysis charting thelaughingchartist
2
0
trendanalysis chartpattern indicator gbpnzd forex trading investing technicalanalysis charting thelaughingchartist
Short GBPNZD
Entry: 1.90535
SL: 1.91
TP: 1.855

Entry was triggered overnight due to the spike, which also coincided with the pullback towards the descending trendline resistance.

  • Now market reacting below the descending trendline.
  • Bearish divergence noted on 21 period RSI
  • RSI also reacting below descending trendline resistance where market reacted in the past.

Because of the quick move in my favour, i moved my trailing stop lower to protect profits and this trade is now risk free.
Trade closed: stop reached:
Trailing stop taken out. Trade closed. (+3 pips)
Will look again to re-enter if there are no changes to the technical elements
Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it? - Luke 14:28
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