GBPNZD 1H
(1) Price has broke out the trend line + the 50 EMA with one engulfing red candle = very bearish;
(2) Then, we can see a momentum breakout of the weekly effective support which now turns into resistance = very bearish as well;
(3) Now price pulling back to the broken weekly level, thus forming a triangle pattern = great short setup;
Trigger event: Trend line + structure breakout.
Risk: medium.
Here's my suggestions:
Entry: 1.89609 (sell limit)
SL: 1.89817
TP1: 1.89458
TP2: 1.89111
TP3: 1.88616
(1) Price has broke out the trend line + the 50 EMA with one engulfing red candle = very bearish;
(2) Then, we can see a momentum breakout of the weekly effective support which now turns into resistance = very bearish as well;
(3) Now price pulling back to the broken weekly level, thus forming a triangle pattern = great short setup;
Trigger event: Trend line + structure breakout.
Risk: medium.
Here's my suggestions:
Entry: 1.89609 (sell limit)
SL: 1.89817
TP1: 1.89458
TP2: 1.89111
TP3: 1.88616
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