Gbpnzdbuy
GBNZD LONG BAT ? 177pips Well what do we got here?
Our bounce strategy hit SL so...
GBPNZD Bullish BAT ?
Point B retraced XA past .5 level but not beyond 0.618 CHECK
Point C retraced AB past 0.618 but not beyond 0.886 or A CHECK
(If) price retraces XA and touches 0.886 to form Point D (also 1.618 extension of AB)
Then we're LONGing
600 SL
TP 1 ~ NZD 1.95721
TP 2 ~ NZD 1.95930
t > @bizlus #ff
Long setup on GBPNZDHi guys,
on the higher timeframes, like the daily, this pair is in an uptrend, because it broke to the upside the most recent resistance (upper black line). Now, until we broke a support to the downside, the trend will be considered bullish. Therefore, it makes sense to look for trading opportunities on lower timeframes, when we see there's higher timeframe structure looking left. Here we have a double bottom with RSI divergence and an engulfing on the 4H chart.
Entry at market, stops and targets as shown.
If you have any idea/question, feel free to comment below.
Otherwise, see you in the next chart!