Hello Traders,
Here is the Top-Down Analysis of GBPNZD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 44 - 26 Oct
M > Market is moving in a rising channel. Price reached support of channel coinciding with monthly support, faced rejection and started upward move creating a double bottom.
W > Price pulled up till 0.618 Fib level on last...
Ascending Triangle Definition:
An ascending triangle is a type of triangle chart pattern that occurs
when there is a resistance level and a slope of higher lows .
It is defined by two lines:
. A horizontal resistance line running through peaks.
. An uptrend line drawn through the bottoms.
The higher lows indicate more buyers are...
Last time i was checking gbpnzd and saw a potential inverse head and shoulder, so i took a trade in 4h TM an let it run, so today i got hit the first TP and now i will proceed to move the SL and continue in the trade.
While analyzing GBPNZD I can find on the 4h a possible invers head and shoulders aiming to the -27 and -61 fibs levels for profit, this is a top down analysis from the month to the 4h.
I will wait for a trendline retest and the confirmation to go long.
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (1.9407). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. GBPNZD is in a range bound and the beginning of uptrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic...
Price has clearly formed a falling wedge pattern and hence looking to enter LONG.
Thank you to all those who have sent me private message and been following me.
Hope you have understood how simple it is to trade forex with out any support/resistance lines or lagging indicators.
And started to earn good profits as I have told you on what to do.
Please Note:
Just...
diamond pattern is reversal pattern ..u can also take it as head and shoulder pattern.....
set yur tp according to your acc size ...do not over trade...
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OPEN THE IMAGE AND USE THE SCALE ON YOUR RIGHT SIDE AND BELOW TO IMPROVE THE VIEW!
I am very optimistic that the projection described in the image will materialize.
In a macro view we are in a low channel (blue), but inside that channel we are making an upward curve in a high channel (orange) that is going to get the top of the channel.
For a short period of...
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (1.929). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. GBPNZD is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
....
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (1.9115). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. GBPNZD is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
....
Long term trend - Short
Nature - Corrective phase
Pattern - Descending channel
Stoploss - 30 pips
Risk: Reward - 1:2
Descending channel is highly suggestive of a reversal in trend to Long.
