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GBPNZD Price Action Analysis – 21st Aug 2017
GBPNZD has been having a strong bearish trend on the H4 chart. The price has kept making lower lows. The trend looks good to make a new lower low as well. Let us have a look at the H4-GBPNZD chart to find out the trade setup.
GBPNZD Price Action Analysis – 21st Aug 2017
Have a look at the last break at 1.76150. Consecutive three H4 candles made the breakout. Then, the price has been on a correction. The breakout level has already produced a doji candle with long spikes on the both sides. Now we should wait for the pair to produce an H4 Engulfing candle to take a short entry. Let us have a look at the summary of the trade…
- Sell Limit Order: 1.76150
- Stop Loss Level: 1.76800
- Take Profit Target: 1.74600
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
If the current H4 candle engulfs the last H4 candle as it has been recommended on this trade setup is good enough to take the short entry. If this one does not be a bearish H4 Engulfing candle, but comes out as a bullish one, then the H4 candle (one after that) has to engulf the current H4 candles. This means we would even have a stronger trend if the reversal H4 candle is produced on the candle one that includes the New York open. Then the price might go further down than our take profit level. However, it would be better to set the take profit at the same level that we have recommended here in both cases.
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