week10 GBPNZD D1 EWUS with 1234 bear trap potential A trade

Monthly

Big Pictures shows that price is still currently undergoing a retracement. Since feb 2013, there has been no bearish month. This retracement has been almost a year. Will only believe this pair is in perma bear should there be a bearish month close below the upslope trendline.

week10 GBPNZD monthly big picture  wedge like bearish pattern 020314

D1

D1 chart shows a mess.

However I am looking at potential D1 EWUS where support seem to converge nicely with w1 + fib7 + fib6.

since my bias is long as there have been no bearish month, a long is more with the current momentum. at Friday’s close , a daily hammer suggests the confluence support is valid.

week10 GBPNZD still contained in D1 ED channel 020314

h4

I look for methods of entry on h4.
1) entry via small h1 ihs minimize pip risk
2) orthodox entry via 1234 multi day flush

week10 GBPNZD h4 EWUS trade plan via bear trap strong close or small ihs 020314

Overall analysis looks good with a decent multi day 1234, this can be considered an A grade setup. However as all gbpnzd trades, trade size has to be smaller with larger pip move.

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