GBPNZD Nice risk/reward ratio

Some pretty strong resistance in the 1.89830 price region for GBPNZD . This has been further supported by a consistent down trend throughout March (red trend line).

Komentarz:

Both currencies are expected to trade sideways (based of fundamentals), so its fairly likely the resistance will hold

Komentarz:

I'm waiting for the 4H candle to close (in 12 minutes) before I open a position

Komentarz:

Selling at 1.89590
SL: 1.89930
TP: 1.88200

Zlecenie aktywne:

Pretty trash entry price because I waited for the 4H candle, but lets see how the trade plays out and just learn from it

Komentarz:

Resistance broke, also should have entered earlier to reduce loss

Komentarz:

After reviewing the trade, I think drawing the red trendline was a mistake because a new high wasn't confirmed. I should have also entered the trade earlier to minimize losses. However, I remain bearish on this currency pair.

Komentarz:

Might enter a short position if we get a bearish engulfing candle