GBPNZD Long
Direction: - Held last weeks low on the H4 & H1. This price action indicated it was going to move from a Bearish Cycle to a Bullish Cycle. Furthermore, it was at the last level of a Bearish Cycle, so it was due to reverse.
- Reversal Multi-Session W (Double Bottom) pattern on the 29th June indicated the new low of the cycle (Peak Formation Low, PFL). This gave me more confidence to long today.
Entry: - W (Double Bottom) pattern formed on the M15 and H1.
- Low was held for multiple hours during the day. This price action indicated the low was most likely not going to be broken, especially as they came back for it but then RR (railroad) tracked back up.
- Shark-fin (RSI crossed back into the volatility bands) on the first leg of the Double Bottom pattern which confirmed price wanted to move back up.
- MBL (Market Base Line) started to point upwards on the second leg of the Double Bottom pattern, which most likely confirms a rise in the pair.
- Candle closed above the 13 EMA which confirmed my long entry on this pair. (This is where I entered).
Exit: - SL @ 26 pips (7 pips below low of the day)
- TP 1 @ 46 pips (just below YH)
- TP 2 @ 81 pips (just below the 800 EMA).
- Both YH (Yesterday's High) and the 800 EMA are resistance points that they may have bounced off.
Direction: - Held last weeks low on the H4 & H1. This price action indicated it was going to move from a Bearish Cycle to a Bullish Cycle. Furthermore, it was at the last level of a Bearish Cycle, so it was due to reverse.
- Reversal Multi-Session W (Double Bottom) pattern on the 29th June indicated the new low of the cycle (Peak Formation Low, PFL). This gave me more confidence to long today.
Entry: - W (Double Bottom) pattern formed on the M15 and H1.
- Low was held for multiple hours during the day. This price action indicated the low was most likely not going to be broken, especially as they came back for it but then RR (railroad) tracked back up.
- Shark-fin (RSI crossed back into the volatility bands) on the first leg of the Double Bottom pattern which confirmed price wanted to move back up.
- MBL (Market Base Line) started to point upwards on the second leg of the Double Bottom pattern, which most likely confirms a rise in the pair.
- Candle closed above the 13 EMA which confirmed my long entry on this pair. (This is where I entered).
Exit: - SL @ 26 pips (7 pips below low of the day)
- TP 1 @ 46 pips (just below YH)
- TP 2 @ 81 pips (just below the 800 EMA).
- Both YH (Yesterday's High) and the 800 EMA are resistance points that they may have bounced off.