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Gbpnzdsetup

GBPNZD, daily tf, sell on ascending trendline breakHello my friends, Today is the last trading day of October. In my opinion it is better to secure some profit from open position and keep your risk as low as possible. Before i start with my analysis on GBPNZD i am gonna review my closed positions first. I already closed several live positions which consist of 2 winning trades and 1 loss. 1st position is NZDUSD which i closed at 0.6620 for +65 pips profit and banked +2.8% profit 2nd position is AUDUSD which i closed at 0.7020 for +130 pips profit and banked +5.2% profit 3rd position is DAX / GER30 which hit my stop loss today on market open for -200 pips and banked -2% loss 4th position is GBPUSD which i closed at 1.2930 for +80 pips and banked +2.4% profit Let's continue with our GBPNZD analysis. As you can see, I've marked my horizontal support and resistance area. Price now broken below the ascending trendline and retesting it If you look at the weekly chart, it is very clear that last week candle is a bearish pinbar indicating sell pressure from this pair. So we will timed our entry on the daily chart and it happened that today could be a nice opportunity to sell this pair. Sell GBPNZD 1.9530 Stop loss 1.9630 Take profit 1.9100 RR ratio 1 : 4.3 (4.3R) Use only 1-2% risk Good luck
Short
by HayatoDragonFX
GBPNZD Sets To Complete Bullish Zigzag PatternSupport this analysis with your likes and comments! GBPNZD 4-hourly chart above reveals what can be seen as a five-wave impulse pattern, labeled (1)-(2)-(3)-(4)-(5). According to the EW theory, impulses show the direction of the larger trend and a three-wave correction follows every impulse pattern. In GBPNZD's case, the correction unfolded a (w)-(x)-(y) double zigzag pattern. The pullback seems to have completed as it rejected a swing level, contained with a channel, and drop bullish price action signals. According to Elliot Wave's theory, once a 5-3 (impulse-corrective) cycle is completed , the market should resume in the direction of the impulse which is bullish in GBPNZD case. The break of the green line will confirm that the bulls have takeover. The red line is the invalidation level for this setup. Targets above wave "a" high is plausible in the days ahead. What's your view on GBPNZD? Let me know in the comment! Thanks, Veejahbee.
Long
by Veejahbee
3
GBPNZD Top-Down AnalysisHello Traders, Here is the Top-Down Analysis of GBPNZD (Monthly, Weekly, Daily for direction and 4H for entry) for Week 41 - 05 Oct M > Market is moving in a rising channel. Price reached support of trend line and also monthly support and faced rejection. W > Price is now testing weekly resistance level. D > Price created a W formation and with dragonfly candle price dropped to test the neck and complete formation. Price should now continue with its upward move. Daily chart suggests us three bullish targets, next two supply zones and finally the resistance zone. As per COT GBP saw closure of Long and addition of major short positions bringing net position to -ve, whereas N-R saw closure of both Long and Short, Commercials saw addition of Long and closure of Short. BXY was weak for the said week but it improved its position last week. NZD saw addition of few Long and more Short reducing net positions, confirming weakness of NZD for the said week. ZXY improved its position last week. 4H > Though price has not broken last HH but it has definitely started moving up after testing the neck of W formation and this gives us start of bullish trend. Pair Correlation: GBPNZD has positive correlation with GBPAUD, GBPJPY, GBPCAD and GBPCHF and negative correlation with EURGBP, NZDCHF and NZDCAD. This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section you can share your view and ask questions. Thank You AP17FX
Long
by AP17FX
1