GBPNZD Open Range Short Trade might be a runner or a fakeout
GBPNZD Open Range Short Trade might be a runner - and a very nice one....
Weakness would be shown if we stay below yesterdays low....
It may just reverse at around the -f50% 1.985 as that looking left is a level of Support... but equally that would be a nice sign if it broke below...
reversal point also at -f100% 1.978 Area...
We are late in the trade entry here... the actual signal was at 22.00PM on the chart
So I have put short on this trade to recognize the current signal - as this could be an interesting day...
Look at the related chart to see why... we have a doji on the prior day daily chart at the top of the range - which broke above an old level 1.9925 area but has not held... If we cannot hold on to the last 3 weeks gains we can see this go to test 1.98 today
HOWEVER we might see this keep support around yesterdays low and then rally back to support
ie a fake out followed by reestablishment of support - also hence why i posed the question is it a fakeout based on price analysis - this might take off again above the current highs... see the related chart. Certainly this was a short term intraday trade with profit...
3 Types of higher Time frame Conditions that can align with this system
bounce - at level of s/r
break - at level of s/r
Fake - break a level then later restablishment of level and take off!
see the higher time frame chart for why this might be an interesting day!!!
Also -Wednesdays are statistically the largest ranging days over the last 365 days
Weakness would be shown if we stay below yesterdays low....
It may just reverse at around the -f50% 1.985 as that looking left is a level of Support... but equally that would be a nice sign if it broke below...
reversal point also at -f100% 1.978 Area...
We are late in the trade entry here... the actual signal was at 22.00PM on the chart
So I have put short on this trade to recognize the current signal - as this could be an interesting day...
Look at the related chart to see why... we have a doji on the prior day daily chart at the top of the range - which broke above an old level 1.9925 area but has not held... If we cannot hold on to the last 3 weeks gains we can see this go to test 1.98 today
HOWEVER we might see this keep support around yesterdays low and then rally back to support
ie a fake out followed by reestablishment of support - also hence why i posed the question is it a fakeout based on price analysis - this might take off again above the current highs... see the related chart. Certainly this was a short term intraday trade with profit...
3 Types of higher Time frame Conditions that can align with this system
bounce - at level of s/r
break - at level of s/r
Fake - break a level then later restablishment of level and take off!
see the higher time frame chart for why this might be an interesting day!!!
Also -Wednesdays are statistically the largest ranging days over the last 365 days
