05 Oct GBP NZD “Box Trade” Resistance For Short Entry
Been waiting for ages for this set-up to materialise…. And I’ve just realised I’ve missed my ideal entry.
GBP:NZD has finally played out a long awaited “Box Trade” short entry from resistance.
As I type, price is resting on important supportive MA’s on both 4 Hourly and Hourly time frames so I’m not going to commit to the trade just yet. It’s very likely that I’ve missed the safest entry for this move, so will need to watch intraday over the next few days in the hope of a safe opportunity to enter short.
The chart tells you everything you need to know. That spike on 9th August was supposed to have been the entry, but because the spike didn’t quite reach the “box” I didn’t enter the trade. This time things are looking more interesting.