GBPNZD produced a solid Bearish Daily candle day on the last Friday. Yesterday’s Daily candle came out as an Inside bar. This means there is a strong possibility that the pair might head towards the South by giving us a clear direction on the H4 chart. Let us have a look at the H4 GBPNZD chart.
The level of 1.92560 is the level of Resistance here. If this level produces an H4 Bearish Engulfing candle, and we get an H1 breakout at the level of 1.91800, then the price has enough room to travel towards the downside. It seems that the price would go towards the level of 1.90600 without having that many pauses. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.91800
- Stop Loss: 1.92560
- Take Profit: 1.90600
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
At the moment, the H4 chart does not show a clear trend. It made a Bearish move, and then went for a retracement. If the price makes a breakout at the last lower low today, then we would get a clear Bearish trend on the H4 chart. This means this would be an opportunity to ride early on the trade. Experienced traders usually make most of it by taking out partial profit and they let rest of the trade run as long as they can. We might as well try and do that to maximize our profit. There is a saying “Cut our losses short and let your profit run.”
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