Hey guys,
this is the 4hr chart on GBPNZD. The yellow box i've drawn comes from the daily timeframe and it represents the structure zone that i'm paying attention to. Now, as soon as price entered the zone it found immediately some troubles breaking through, and you can say that simply by looking at the wicks. Actually, it has formed a nice double top, with RSI divergence in overbought condition.
The pinbar followed by a red candle is a good sign of reversal.
Stops above the highs, targets as illustrated above.
Let's see how it plays out.
If you want to ask questions or share your view, feel free to comment below.
Otherwise, see you in the next chart!
this is the 4hr chart on GBPNZD. The yellow box i've drawn comes from the daily timeframe and it represents the structure zone that i'm paying attention to. Now, as soon as price entered the zone it found immediately some troubles breaking through, and you can say that simply by looking at the wicks. Actually, it has formed a nice double top, with RSI divergence in overbought condition.
The pinbar followed by a red candle is a good sign of reversal.
Stops above the highs, targets as illustrated above.
Let's see how it plays out.
If you want to ask questions or share your view, feel free to comment below.
Otherwise, see you in the next chart!
Trade closed: stop reached