So far GBPNZD has kept steadily above 2.0730 region. I just opened a small long position aiming at the 2.12 area for a short-term trade, with tight SL just below support at 2.071 and a RR ration above 5.
The 2.12 TP is well below the next main weekly resistance level and also below a measure target equivalent to the 2.85% ranging from the bottom to the top of the short-term triangle well visible in the daily and 4h charts, which is the basis of our breakout entry.
The 2.12 TP is well below the next main weekly resistance level and also below a measure target equivalent to the 2.85% ranging from the bottom to the top of the short-term triangle well visible in the daily and 4h charts, which is the basis of our breakout entry.
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This one I played by instinct. When observed the lack of decisiveness of the price to constantly reverse after pulling up, coupled with the previous price action at this level (visible in the daily and weekly time frames, mostly), i instinctevely closed the positions open while still in green for a small 3% to 4% profit.