I think trading the $GBPUSD & $NZDUSD led to my curiosity to trading the $GBPNZD & made me more comfortable trading the Pound. I’ve currently learnt to best time my entries since the trendline didn’t disappoint in providing the support I needed. They enabled me to anticipate the swings & when the signals started to materialize, I switched to smaller time frames to trigger my buy stops early, again the patience has paid of but will have to wait & see how things unfold today & in the upcoming week since prices have reached a resistance zone.
Prices seem to be consolidating… The triangle already had false breakouts & may not hold any longer as its range tightens further but it seems the rectangle will keep prices capped. I’ve taken my profits & waiting for a clear indication whether the bulls or bears will be in control as soon as prices stop consolidating.
This is the move I decided to make earlier today using the horizontal level as resistance & a trendline as support when I triggered my trades on GBPNZD in case prices breakout of consolidation while I’m asleep - hoping the trendline holds on the 3rd bounce. Also thought I’d share a position I opened on NZDUSD
Just woke to make some pancakes & decided to have a look at the charts… as expected prices still ranging in the support turned into a resistance zone & after plotting another trendline, that 3rd bounce I was waiting for has occurred, only to find that I slept through a good entry point around the 1.9650 level
Got taken out of the sell position I had opened up but my patience continues to pay off so far & I’ve made up for my minor loss by opening another buy position as the inner trendline continues to hold… All I can do now is steadily shift my stops to protect some profits.
Bean a while since I’ve posted but thought I’d start with posting for this particular pair since it’s my favorite. Anyways no boring details about what has had me preoccupied, I’ll let the charts do all the talking. To sum’ things up, prices still roam within the symmetrical triangles.
So is this a popular pair to trade. Its seems a nice setup is in the making.