Hello 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
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