GBPNZD Fakeout ~ Wahh Wahh Wahhh
Good morning beautful traders, and thanks for tuning in on this little update I wanted to share.
As you can see, we are looking at GBPNZD on the 1hr time frame, and my gosh did we fall back into the bull flag channel (in black) with an extra UMFF!! This is why it is very important to let the market confirm the old resistance as new support BEFORE you decide to execute a trade on any break of any level.
At first glance, I was very excited to see the market create a mini bull flag (in black) on initial break, and the 20 EMA (in blue) and the 50 EMA (in red) were lining up perfectly with the top of the bull flag channel to act as reinforced support, but the mini bull flag and the EMA's were broken as support when the market decided to turn back. Luckily, I was watching my good old friends GBPAUD and GBPCAD. I just posted an idea on my trade setup and why I took the trade on GA last night (go check it out)!
Well I hope this helps, and you now know that a confirmed breakout is the only way to trade this type of setup!
~Mainstay
As you can see, we are looking at GBPNZD on the 1hr time frame, and my gosh did we fall back into the bull flag channel (in black) with an extra UMFF!! This is why it is very important to let the market confirm the old resistance as new support BEFORE you decide to execute a trade on any break of any level.
At first glance, I was very excited to see the market create a mini bull flag (in black) on initial break, and the 20 EMA (in blue) and the 50 EMA (in red) were lining up perfectly with the top of the bull flag channel to act as reinforced support, but the mini bull flag and the EMA's were broken as support when the market decided to turn back. Luckily, I was watching my good old friends GBPAUD and GBPCAD. I just posted an idea on my trade setup and why I took the trade on GA last night (go check it out)!
Well I hope this helps, and you now know that a confirmed breakout is the only way to trade this type of setup!
~Mainstay
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