Hi Traders! GBPNZD short term buy idea update and follow up is here. On April 13th I shared this “GBPNZD Short Term Buy Idea” post in trading view. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club. Spoiler alert – free memberships are available!
GBPNZD H1(1 Hour) Chart Current Scenario
In this pair my view was bullish and I was expecting the price to move higher further after pullbacks. The price action followed my analysis as I expected it to here. After the higher highs, the pullback that I was looking for happened and in addition to this, there were no signs opposing this short term bullish view. The price then moved higher further as per the plan and delivered 200+ pips move to the upside as you can see in the image below.
On the M15 chart, the market provided us with various facts supporting the bullish view. After the higher highs on the H1 chart, the price which was moving lower on the M15 chart created a bullish divergence between the first low that has formed at 1.91866 and the second low that has formed at 1.91581 based on the MACD indicator. The price then moved higher and broke above the most recent downtrend line, we may consider these as facts provided by the market supporting the bullish view. Then as you can see in the image below how the price moved higher after that and provided a fantastic move to the upside.
(Note: You can learn about a Killer Forex Strategy “Double Trend Line Principle” here)
So, traders, this is why I wanted to show this example to help you understand how important it is to follow the facts. The facts were supporting the bullish view here and there were no signs against it. When the facts do happen as we expected you can see how the price perfectly moved as per the plan. Because these are the kind of hints the market provides us at majority of the times and it’s our obligation as traders to be able to listen to these things that the market tells us and we should try to make the right actions accordingly.
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Traders Academy Club Team.