GBPNZD: Reversal Signal from 1.98000 Resistance
What do you think about such a sell opportunity?
The price bounced from 1.98000 resistance zone. RSI confirmed the price reversal. MACD histogram is supporting the further downward movement. DMI is bullish, but ADX line is moving down. The price is going to form a strong reversal candlestick pattern.
The market gives us enough bearish signals, which allows us to open short trades. Here is an example of a possible trade:
Sell below 1.96950
Stop above 1.98100
Profit target at 1.93150
It will be possible to use a trailing stop and fix profit at SMA50 and SMA100 as well. Risk per trade must be no more than 1-2% from the trading capital.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
The price bounced from 1.98000 resistance zone. RSI confirmed the price reversal. MACD histogram is supporting the further downward movement. DMI is bullish, but ADX line is moving down. The price is going to form a strong reversal candlestick pattern.
The market gives us enough bearish signals, which allows us to open short trades. Here is an example of a possible trade:
Sell below 1.96950
Stop above 1.98100
Profit target at 1.93150
It will be possible to use a trailing stop and fix profit at SMA50 and SMA100 as well. Risk per trade must be no more than 1-2% from the trading capital.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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