GBPNZD ____ INCOMING BEARISH MOVE
Hello Guys,
This pair has been on my radar for a long time now. Let's break down this pair.
On the monthly timeframe, a bearish CHOCH was formed and if you use your fib to measure the retracement, you will notice that the price has retraced more than the equilibrium price, meaning that GBPNZD is in a premium zone. This doesn't mean it would be wise to short the pair just like that.
On the weekly timeframe, using your fib you will also notice that price has retraced to the equilibrium price.
On the daily timeframe is where it gets interesting, notice the sell-side liquidity (equal lows) and also the imbalance (FVG) as drawn on my chart. Also, price has formed a bearish CHOCH on the daily timeframe.
If price should retrace into the daily supply orderblock, I will go into the 1 hour timeframe to wait for my trade setup.
Keep this pair on your radar.
Follow for more updates like this.
Cheers,
Jabari
This pair has been on my radar for a long time now. Let's break down this pair.
On the monthly timeframe, a bearish CHOCH was formed and if you use your fib to measure the retracement, you will notice that the price has retraced more than the equilibrium price, meaning that GBPNZD is in a premium zone. This doesn't mean it would be wise to short the pair just like that.
On the weekly timeframe, using your fib you will also notice that price has retraced to the equilibrium price.
On the daily timeframe is where it gets interesting, notice the sell-side liquidity (equal lows) and also the imbalance (FVG) as drawn on my chart. Also, price has formed a bearish CHOCH on the daily timeframe.
If price should retrace into the daily supply orderblock, I will go into the 1 hour timeframe to wait for my trade setup.
Keep this pair on your radar.
Follow for more updates like this.
Cheers,
Jabari
Trade active
Trade closed: target reached