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GBPNZD Price Action Analysis – 24th Aug 2017
GBPNZD broke an H4 Down Trending Trend line. The price continued to go up after the breakout as well. As usual, the price is having correction now. If the price comes back at the breakout level and produce an H4 Bullish Engulfing candle, then buying the pair would get us some green pips with excellent risk and reward ratio. Let us have a look at the H4 GBPNZD chart….
GBPNZD Price Action Analysis – 24th Aug 2017
Look at the breakout at 1.76300. The same candle broke a down trending Trend line as well. After continuing to go up further North, the price has started having correction. The current candle seems to be a bullish one. Let us hope that the price does not start trending from here, but comes down to the level of 1.76300. If the pair produces an H4 Bullish Engulfing Candle right at 1.76300, then buying the pair would be very rewarding. Let us have a look at the summary of the trade…
- Buy Limit Order: 1.76300
- Stop Loss Level: 1.75400
- Take Profit Target: 1.78300
- 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 price does not come to our recommended level, but starts trending from where the price is now, then we must not take our entry even if it is an H4 Bullish Engulfing candle. That has to be traded on lower time frames such as H1, or 15M. I mean we have to wait for corrections on the H1, or the 15M chart. That is rewarding as well, but that is a different ball game.
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