2018May24 GBPNZD H1 Trend Reversal

24 May 2018

GBPNZD has been on an uptrend since January 11. There is currently a descending triangle sitting on top of the support of an uptrending diagonal channel. The horizontal support is around 1.97230. I want to see a candle breaking and closing below that level before I go short. I will consider the break of the horizontal support of the triangle also as a break of the support of the uptrending diagonal channel. For this reason, you may want to be aggressive and target more pips. Stop loss is based on ATR x 2 while the take profit level has the same number of pips by default. Tentative details are as follows:

Trade Setup: Trend Reversal
Price Entry 1.92730
SL 1.93480 | SL pips 75.0
TP1 1.91980 | TP1 pips 75.0
RRR1 1.00

25 May 2018

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Please note of this correction: "The horizontal support is around 1.92730."

The updated idea can be found here: