GBPNZD setting for Short
Feb 16, 2016 at 07:53
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1 Replies
Feb 16, 2016 at 07:53
Friends and Traders,
Yesterday,I shared some thoughts with us about GBPNZD as a comment under GBPJPY. Kindly refer.
GBPNZD is almost through retracing now with the doji at daily pivot R1 and stochastic (12,3,3) at overbought. Wait for a good close below the R1,and stochastic cross down below 80 at the 1 hr time frame.I also want to see a strong candle close at London open say 8 GMT. 10 pips below that candle could be a goo place to short and ride it down to the low 2.1481 zone or earlier at daily pivot S2-2.14995 if you see a price action indication-candle patterns. Once you are in the trade,and you see a strong candle close below 2.17624 you may want to move your SL to break-even.This is a conservative trading approach with initial SL above 200 SMA. Respect your money management rules,risk-reward ration,etc.
As for the aggressive traders,they may want to short it right away and keep managing it down the road.Note as always that these are my thoughts and not trading advice.
Wishing you happy trading week
Yesterday,I shared some thoughts with us about GBPNZD as a comment under GBPJPY. Kindly refer.
GBPNZD is almost through retracing now with the doji at daily pivot R1 and stochastic (12,3,3) at overbought. Wait for a good close below the R1,and stochastic cross down below 80 at the 1 hr time frame.I also want to see a strong candle close at London open say 8 GMT. 10 pips below that candle could be a goo place to short and ride it down to the low 2.1481 zone or earlier at daily pivot S2-2.14995 if you see a price action indication-candle patterns. Once you are in the trade,and you see a strong candle close below 2.17624 you may want to move your SL to break-even.This is a conservative trading approach with initial SL above 200 SMA. Respect your money management rules,risk-reward ration,etc.
As for the aggressive traders,they may want to short it right away and keep managing it down the road.Note as always that these are my thoughts and not trading advice.
Wishing you happy trading week
to turn humble investments into huge fortune with minimal risk ...
Feb 16, 2016 at 07:53
Hello Traders,
The initial SL above 200 SMA under 4 Hr time frame at around 2.1980. To guard against SL hunting,prodding,etc wait until the market settles down at about 10.00 GMT.
Best wishes.
The initial SL above 200 SMA under 4 Hr time frame at around 2.1980. To guard against SL hunting,prodding,etc wait until the market settles down at about 10.00 GMT.
Best wishes.
to turn humble investments into huge fortune with minimal risk ...
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