LDForex_
Short

GBPNZD- Bearish Opportunity On Retest of Descending Channel

FX:GBPNZD   British Pound / New Zealand Dollar
-Good sell opportunity on the rest of the descending channel which is in line with the 38.2 fib level which adds confluence that price could rest from that level.
- The Ema's are above price which indicates bearish momentum of the pair.
- Wait until price has reached the significant level and look for a strong bearish candle to sell this pair.
Comment: This pair can also sold at the 23.6% fib level if price starts to reverse from that level.
Trade closed: target reached: This trade has closed as its Friday and this has been a very good sell trade with a 1:2 Risk to Reward Ratio.

Comments

Played out beautifully!
+1 Reply
LDForex_ Wicktator
@Wicktator, Yes it did! Very happy with the trade and the analysis!
+1 Reply
Wicktator LDForex_
@LDForex_, Nice one mate!
+1 Reply
Good work! I’m looking for a deeper retracement to the channel which lines up with the daily 50EMA
+1 Reply
LDForex_ Wicktator
@Wicktator, Thank you! I am also looking for another entry based on the line up of the 50EMA. Lets see how price reacts!!
+1 Reply
Wicktator LDForex_
@LDForex_, I posted my analysis. Let me know what you think!
+1 Reply
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