GBPNZD - Something to LOOK FORWARD. Possible 1:5 Risk and Reward
GBPNZDThis might give us a long term UP TREND continuation - based on the current setup. The overall direction of the price if we based it on the monthly TF is going down, but it may still take some time to reach the monthly resistance line, therefore giving us the possibility to take advantage and profit on BUY positions (Weekly and Daily TF is giving us a strong uptrend confirmation). Since this is GBP pair, much better if we only risk .5% of our capital. Much better if we only put our TP below the previous swing high to lessen the risk and to give us higher probability of securing our profit. Basing on the Stop Loss level and entry point, we might loss around 160-200pips therefore this is not recommended for retail traders with low capital.
The legend are as follows:
Blue Line - Monthly Resistance
Orange Line - Weekly Resistance/Support
Yellow Line - Daily Resistance/Support
What do you think of this? Feel free to share your thoughts so everyone might benefit as well. :)
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