Forex Signal Setup: GBPNZD Potential Triangle Breakout
Description:After testing 2.0000 GBPNZD was in correction process. Latest Bullish Harmonic XABCD pattern gave us the first signals of the end of the correction. We will look for a LONG entry at the breakout of the triangle as shown in the chart. As all GBP / Asia pairs , GBPNZD is highly volatile. You need to arrange your entry lots according to your own risk management. And pay attention to Brexit related news as well.
Pair / Instrument:GBPNZD
Time Frame: H4
The trend in the Timeframe: NEUTRAL
The trend in the Daily Chart: BULLISH
Trade Based On: Triangle Breakout
Recommended Lot Size: 0.10 @ 10 K Account with 1:100 Leverage
AREA OF THE ENTRY: Breakout of the triangle. Estimated breakout level: 1.97700
STOP LOSS: Below 1.96800
TARGET 1: 1.98500
TARGET 2: 1.99800
Update: We are reaching the 1.99800. We close 80% of our positions at 1.99450 with 170 pips and move our stop loss to entry. We have a bearish gartley formation. We will update the midterm trade idea.
You can follow the trade: GBPNZD TRIANGLE BREAKOUT
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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money
Forex Signal Setup GBPNZD: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.