GBPNZD - Long
So I have seen this lovely little trade on this pair. We have an Inverted Heads & Shoulders pattern which we have broken the neckline and are close to re-testing. Upon touching the neckline I will wait for an entry candle (Bullish Engulfing, Bullish Pin bar, or a 3 candle reversal). I have extended my TP to meet the -0.272 on the Fib in line with the fib strategy I use.
However It's worth noting that for the pattern completion on the IH&S there is no recent price action which adds a little more risk to this trade. So I will review this when we reach the last high at 2.15866. Using the Fib strategy does mitigate some of this risk however still worth remembering.
However It's worth noting that for the pattern completion on the IH&S there is no recent price action which adds a little more risk to this trade. So I will review this when we reach the last high at 2.15866. Using the Fib strategy does mitigate some of this risk however still worth remembering.
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