The ForexGuy's  Instablog

The ForexGuy
Send Message
I have been involved with Forex trading for about 6 years now and after being disappointed with mainstream indicators I discovered price action trading relatively early in my career. Since then I have made price action the focus of my Forex trading, embracing it with a passion. I don't like... More
My company:
The Forex Guy
My blog:
The Forex Guy
  • Watch For GBPNZD Retracements For Opportunities To Go Long 0 comments
    Apr 27, 2014 3:19 AM

    (click to enlarge)strong bullish pin bar gbpnzd

    In some recent commentary on the GBPNZD we discussed the possibilities of a bullish price action signal forming as the market retested an old resistance level and held a new support. When the market tested the level last week, it prompted strong buying activity and prices exploded higher. The daily candle's close price was much higher than the open price, a very strong feature for this bullish signal.

    GBPNZD is recovering from a large bearish trend that drove prices lower in the last few months. The bears eventually burning out, the momentum died, and the market consolidated. Now the chart has broken into new highs and created a higher low, communicating the signs of a new bullish trend forming. If we can strategically position in long here, then our chances for a high return trade are greatly increased as we 'buy at the bottom'.

    Because the candle range is so large, I am hoping to take advantage of a retracements entry next week to utilize a better entry price for a long position.

Back To The ForexGuy's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »


More »
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.