gbp nzd h1
pattern: ab=cd - rd+
gbp nzd h1
rd+
I’m going to resurrect this thread. Pipcompounder started one on this pair, but put it in a different forum. It’s all about trading the trendline on a 4 hour chart.
Here’s a recent chart:
Feel free to discuss how you’re trading it. I’ll post up what I can, when I can.
I didn’t do very well resurrecting this, lol. I took a little break and just started up again recently.
I found this channel and have been following a little bit of price action trading along with looking at trendlines and stuff. This is a daily chart. You can see the purple channel I’ve drawn. The blue lines are support lines (the top one is from months ago). The gray lines are weekly trendlines.
I just snatched 190pips in 24 hrs. I’m expecting this to drop now and in fact in the last 20 minutes since I closed my trade it’s dropped 30.
Well, I was wrong. It did drop, but only about 50 or so before turning back up.
It sort of made a new bottom channel and has since made a new top too. Basically, the day that I posted before (31st) it was breaking out of the channel and forming a new one. So, I lost 130 pips or so, but got back in for the right direction yesterday and am up 250 now =)
Here’s a couple charts. The first is a long term daily chart. The second is also daily, but zoomed in a bit. The third is an 8 hour chart to show you the channels I’m seeing.
Again the blue lines are support lines I’ve found and the orange or resistance lines. Right now we’re approaching a resistance line and the top channel line of a long term down trend so we could be nearing a reversal of sorts. Not sure if it would be small or not but this does seem to be poised for some sort of reversal.
Quick update. After looking at it I decided to take my profit of 270 pips. I’m concerned this going to retrace a 100 pips or so. So I’ll get back in either after it breaks resistance and shows continued upward movement or if it retraces I’ll wait for it to turn. I believe this is headed north for the long term.