GBPNZD SHORT SETUP
If you've been following my page on trading view, you'll remember I've been talking about GBPNZD since October 2020, back then i outlined the 2500 pips possible BEARISH setup on the weekly timeframe, last week of November 2020, i analyzed that "price is yet in his all time downtrend since year 2000 till date, on Friday (26th November 2020) we saw price break below the horizontal support @ 1.9035, and also break below the big BEARISH FLAG inner which price was trading from year 2016 through 2020"
Since the break below the said BEARISH FLAG, we've had price trading side ways or in a range bond market between @ 1.9200 as resistance and @ 1.8515 as support.
Doing a top down analysis, we saw price retested the support turn resistance of the BEARISH FLAG and resistance of the range bond zone @ 1.9200, 3 times firstly on 4th December 2020, secondly on 24th December 2020 and third time 20th January 2021 last week, which give us a weekly PINBAR meaning sellers are holding that zone nicely and ready to possibly push price lower.
On the 4H timeframe, which is what I'm showing on this weekend analysis, we've the indicated ascending WEDGE PATTERN, which price break below on Wednesday, that alone is a SELL signal, also a BEARISH flag on the 1H chart, which price is trading below, all of these are indicting price pushing lower to the support of the range bond @ 1.8518 as first Take Profit, while a push below the support level will indicate more downside.
WHILE our stop loss will remain above structure level anywhere above 1.9200, meaning price rotation higher above 1.9200 will negate this analysis.
This trade setup is a long term trade and setup for me, infact it will be my guide trading GBPNZD through the year 2021.
Since the break below the said BEARISH FLAG, we've had price trading side ways or in a range bond market between @ 1.9200 as resistance and @ 1.8515 as support.
Doing a top down analysis, we saw price retested the support turn resistance of the BEARISH FLAG and resistance of the range bond zone @ 1.9200, 3 times firstly on 4th December 2020, secondly on 24th December 2020 and third time 20th January 2021 last week, which give us a weekly PINBAR meaning sellers are holding that zone nicely and ready to possibly push price lower.
On the 4H timeframe, which is what I'm showing on this weekend analysis, we've the indicated ascending WEDGE PATTERN, which price break below on Wednesday, that alone is a SELL signal, also a BEARISH flag on the 1H chart, which price is trading below, all of these are indicting price pushing lower to the support of the range bond @ 1.8518 as first Take Profit, while a push below the support level will indicate more downside.
WHILE our stop loss will remain above structure level anywhere above 1.9200, meaning price rotation higher above 1.9200 will negate this analysis.
This trade setup is a long term trade and setup for me, infact it will be my guide trading GBPNZD through the year 2021.
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