GBPNZD Nice risk/reward ratio

Some pretty strong resistance in the 1.89830 price region for GBPNZD . This has been further supported by a consistent down trend throughout March (red trend line).

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Both currencies are expected to trade sideways (based of fundamentals), so its fairly likely the resistance will hold

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I'm waiting for the 4H candle to close (in 12 minutes) before I open a position

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Selling at 1.89590
SL: 1.89930
TP: 1.88200

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Pretty trash entry price because I waited for the 4H candle, but lets see how the trade plays out and just learn from it

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Resistance broke, also should have entered earlier to reduce loss

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After reviewing the trade, I think drawing the red trendline was a mistake because a new high wasn't confirmed. I should have also entered the trade earlier to minimize losses. However, I remain bearish on this currency pair.

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Might enter a short position if we get a bearish engulfing candle