GBPNZD made a massive bullish move to start the trading day. On its way towards the North, it has breached an important level of resistance at 1.88073. If the price comes back to this level and makes a bullish price action, then buying GBPNZD would be a good option for the traders. Let us have a look at the H1 chart of GBPNZD….
As we see on the chart, that the price had a correction towards the upside and then it made that huge H1 bullish candle. The candle also has breached the level of 1.88073. This acted as a strong level of resistance. In fact, the price got rejected from this level three times recently. If the price comes back and produces an H4 reversal candle on this level, then buying the pair would get us green pips with excellent risk and reward ratio. Let us have a look at the summary of the trade…
- Buy Limit Order: 1.88073
- Stop Loss Level: 1.87600
- Take Profit Target: 1.94400
To get the best result, we should set our stop order; once the H4 reversal candle is formed. By looking at the reversal candle, we would be able to have a better understanding on the market psychology. Moreover, we would be able to spot out the reversal candle’s wick or trading day’s lower low to set our Stop loss at the right level. This would save us from sacrificing more pips on setting Stop loss.
You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.
We hope that you enjoy our Free Forex Trading Signal today: GBPNZD Free Forex Trading Signals – 11th May 2017
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Hello,
It was a good trade but did you really mean Profit Target: 1.94400 ? That means 600+ pip. Doo you apply trailing stop loss?
Thank you.