Longing GBPNZD at structure, psych level and "Broken fang"
The GBPNZD has multiple times had trouble with the purple box but has recently broken through it and is now coming down to retest it once again! We look to long it when it comes back into the 2.3s again as we then get what i call the "broken fang" setup meaning that price prints higher highs but equal lows.
Other confluences are the .382 fib retracement, the psychological level of 2.3 and the fact that on the higher timeframe we just had a double bottom (indicated on the chart) meaning that we should see an uptrend forming!
Our stops go below the support level and I'm hoping to catch a 1:3 on this one as price should shoot back up to at least 0.7126. Moving my stops to breakeven when price hits 50% of profit.
And as always, Hold your thumbs!
Other confluences are the .382 fib retracement, the psychological level of 2.3 and the fact that on the higher timeframe we just had a double bottom (indicated on the chart) meaning that we should see an uptrend forming!
Our stops go below the support level and I'm hoping to catch a 1:3 on this one as price should shoot back up to at least 0.7126. Moving my stops to breakeven when price hits 50% of profit.
And as always, Hold your thumbs!
