Almost all the GBP pairs produced a huge H4 bull candle yesterday and look bullish. GBPNZD looks best among them to offer long entry soon. Let us have a look at the GBPNZD H4 chart.
GBPNZD Free Forex Trading Signals – 8th Feb 2017
See that massive H4 candle. The pair produced another H4 bullish candle after that as well. Then the bearish H4 candle seemed to find a support at 1.70760. The current H4 candle has been bullish as well. By considering these facts, if we see a breakout at 1.71440, then the ,price might continue to go further up a little. We wait for the price to come back at the breakout level, which is at 1.71440. If the price comes back, and produces an H1 candle, then going long on GBPNZD would get us green pips with excellent risk and reward ratio. Let us have a look at the summary of the trade…
- Buy Stop Order: $1.71440
- Stop loss Level: $1.70760
- Take Profit Target: $1.73400
Choosing the right time frame to trade is one of the difficult tasks for traders. In fact, there is no such best time frame. Each time frame has its own merits and demerits. However, according to consistency bigger time frames, such as H4 and D1 are very reliable. Beginners often choose shorter time frames such as, 5M, 15M. To some extent, these time frames could get them profit, but to be able to make consistent profits, traders must know how to trade on the bigger time frames. This will get them consistency in making a profit as well as less stress while trading.
Comment below if you have questions on this trade and please let us know if you made money if this trade signal. Good luck!
You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.
We hope that you enjoy our Free Forex Trading Signal today: GBPNZD Free Forex Trading Signals – 8th Feb 2017
The post GBPNZD Free Forex Trading Signals – 8th Feb 2017 appeared first on Advanced Forex Strategies.
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