GBPNZD Technical Analysis
On January 20/2020 I posted on social media (Stocktwits/Twitter) @AidanFX that GBPNZD was setting up to rally higher and for traders to watch for possible buying opportunities.
GBPNZD 1 Hour Chart 1.20.2020 : The pair formed a bullish market pattern (blue) and price reacted higher off the point D XA 0.786% Fib. retracement level. I posted on social media the possible BUY zone where the pair can find support and bounce higher.
GBPNZD 1 Hour Chart 1.20.2020 : More confirmation that the pair could bounce higher was that a bullish engulfing candlestick pattern formed in the BUY zone. I entered a BUY position in the green box with stop loss at the previous 1 hour swing low of the point D (blue) bullish market pattern.
GBPNZD 1 Hour Chart 1.21.202 : The pair rallied higher and HIT the 1:2 RR Target where I took some profits leaving a small position open. The pair extended higher in the coming days and I closed my remaining BUY position. If you followed me on Twitter/Stocktwits you too could have caught the GBPNZD move higher.
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX or chat me on Skype > EWF Aidan Chan
*** Always use proper risk/money management according to your account size ***
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