2016-04-04_23-43-28gbpnzd

Dear friends,

This gbpnzd daily chart shows price coming down since the 15th of September 2015 where it topped out.

Since then price made consistent lower highs and lower lows.

It is at todays candle that I think that a possible change of trend might be due.

Please note the support area of 2.05700 to 2.08000.

Price visited this zone twice and on Monday it printed a bullish engulfing candle.

Therefore you may note that bulls came into play not allowing price to go any lower.

To confirm a bullish move you may also note the confluence of a divergence relative far apart of the previous low and todays low.

This bullish divergence of stochastic and a double bottom of price made me shift my bias from bearish to bullish.

2016-04-04_23-57-47gbpnzd15m

To validate my trade idea I tried to enter a trade as near at support as possible fine tuning my entry with a smaller time frame.

Whenever you have a trade idea it needs to be confirmed by price.  Therefore I switched to a smaller time frame to look for my entry.

A 15 minute stocks cycle came in handy to insert the trade.

I hope this visualization of a live trade makes it easy to follow up on this trade idea.

I wish you the BEST OF PIPS

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