I personally wouldn’t take this just solely because I do t trade this pair, but the green line is a strong level that I expect a retest and then long. Wait for a confirmation like a hammer or engulfing candle
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here we see GBPNZD price of 1.99100 at confluence with current channel support with established key horizontal level that has been tested multiple times in the past as both resistance and support
With my stochastic below 10
I am buying at market and I expect price to move up to previous support level of around 2.01250 as new resistance, then downtrend...
-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.
This is a similar set up to the one I posted recently. we have a descending channel. price is currently on a strong resistance area.
Reasons to consider entering on a sell:
1. Divergence on our RSI
2. Price hit off the trend line
3. market is currently in a downtrend
4. Some form of clear rejection of higher prices is forming
Make sure to do your own research...
Daily timeframe indicates a reversal has started from 2.1000 with price forming a double top and then continuing down forming LL and LHs.
A clean retest of the daily Lows may provide a nice short opportunity back down to 2.0000
For more information on our strategy please view our 'Scripts' page on our Trading view profile.
Our V2 strategy shows the SL and multiple TPs on the chart too - these are customisable based on the ATR of each pair.
We have set these so that TP1 is 1:1 TP2 is 1:2 TP3 is 1:3 RR.
There are infinite ways to manage your trades to suit your mindset and time.