I got an alert from the Battle Station this afternoon about reversal pattern that was found on the GBPNZD chart, but you could have easily spotted this yourself if you were browsing the charts.
As soon as I seen GBPNZD, I knew something had happened of a monthly support level we’ve been watching in the War Room. My charts only go back to 1999 and within that time period this has been holding as the market floor.
So now we’ve go a phat bullish outside candle sitting right here on the market bottom, can’t resist – A big reversal signal off a big level!
If this setup does take off, it could yield some high returns.
Looking for a retracement entry here, hopefully that will touchdown during the Asia session. We also have a lot of news from central banks this week, so maybe it might get triggered during some volatility.
Let’s see how this one unrolls.
Johnfaith Daniels
Once one can get the support and resistance so perfect, entry of the market is being made easy
Dale. with your level of competency in the market world, I stand to take every post of your report regarding the market,analysis
Joao seco
Steve, the last 2 months have been the most horrible of my short trading career. I am ashamed to say that I lost a third of my trading account. Fake outs, wild retracements, things have been difficult.
Anyway, I am up 140 pips with this trade. Thanks for the setup!
Steve Epperson
Breakout candle finally formed on 9/21/2016 at 0100 NY time. Took it long with 200 pip stop loss and 1:2 ratio. I realize this sounds a bit conservative, but I have been getting burned on breakouts lately. Especially getting stopped out on these wild, swinging retracements. Anyone else had that problem?
Joao Seco
Hello traders, I am planning my entry at 1.76500 matching the bottom of the 4 h candle just before, believing that some kind of symmetry will occur. Does that make sense? Appreciate your thoughts on this. Many Thanks
Joao
james
same story with NZDCAD maybe?
Isaac
its looks very good but i can see a possible bounce at the 38.2% fib level which also happens to be a very good resistance at 1.7880 level however, i dont know you game plan.
Douglas
Let’s go haha
Vickie
Looks very promising, thanks Forex Guy 🙂