A SurpriseBox near the 100 sma had been formed on the Gbp/Nzd four hour chart. This box broke to the upside today with a bullish engulfing pattern. A long trade position was started. A reasonable target was the 2.10 area corresponding to the 800 sma. I liquidated my position as the 800 sma had moved downward and at present the price is near this moving target. Most of the move already happened.
Disclaimer: I trade the patterns depicted either at the entry point stated (e.g. trading channel, breakouts) or afterward. Although my trades are based on technical analysis, trading forex is a risky activity and may produce significant monetary loss. I only make public the trades that I am considering to make, or made and the rational for them. Not intended necessarily as trading recommendations.
