British Pound / New Zealand DollarEducation
Short on GBPNZD
The reason why I took this trade was because I had a monthly dynamic support and resistance line and the price failed to break through. In the past, the price has reacted to this line numerous times by plummeting downwards. Before this, price was in an uptrend and broke through the trend line once and climbed back up immediately. Price finally hit the S/R line and decreased rapidly, so I went to the 60 minute time frame and saw my moving averages cross. My last confirmation was the failure of a candle being created above my pivot point so I took the trade a little bit later after the pullback.
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