Dan240622 days ago

GBPNZD

SHORT

The Not So Great British Pound and the New zealand dollar

GBPNZD Firstly... I've been backtesting the 8EMA daily gap closes for an entire 48 hours over the weekend.. I am more knowledgable, but it has come at a cost, i'm turning insane. Onto the analysis Daily TF - Here we can see a just tremendous 8EMA gap that has been formed with the contraction of the bearish candle. 4H TF - We are just about to break and close underneath the 8EMA here for confirmation of execution. POLR here is lower, there is only rhe 21 EMA in between entry and TP which should not cause any issues for the 4h. 1H TF - Price is touching the 50EMA here, we will look here for a BCR of the 1 hour 50 EMA. IF volitility is high and a break and close dramatically reducses R:R then we will take the Break and close and move onto the 15m,. 15M TF - Price again is directly above the 200 Ema, looking for a BCR of the 200ema on the 15m TF. Depending what the R:R looks like, I may be taking a 5 minute 3 candle continuation on this one. otherwise i will be stikcing to the 15m continuation. ***confluence Factors*** Analysing this pair on the weekly TF you "could" say we have been consolidating for years now, you can see price has mainly been inbetween 1.97935 - 1.85020. We have had some years trading beyone this but it has not seemed to effect the consolidation. If we now drop down the the daily and 4 hour TF, there has been a bull trend formed from the 10th December 2020 from the lower limit of the consolidation area to the upper limit, with recent price rejecting the upper limit (97935) But at the same time rejecting the bullish trend line, which gives me a bias to the downside. My take profit level is just below a level of interest and above the daily 8ema for a higher probability trade idea. Feedback welcomed 😃

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