The currency pair GBP/NZD is at a strong Resistance level on Weekly Chart. The previous Weekly thick Bull candle shows the strength of the Bulls. Our STS_ATR_Distance_Indicator shows that, since the beginning of the Month, the current price has passed 71% of the monthly ATR (Average Monthly movement for the last 6 months). STS_MA_Distance_Indicator shows the price is 432 pips away from 10 EMA on the Monthly Chart, 363 pips from 10 EMA on Weekly Chart and 155 pips from 10 EMA on Daily Chart. The STS_RSI_MTF_Indicator shows us that the Monthly 6-period RSI has value of 64, the Weekly is 80 and the Daily is 90 - the market is overbought.
Despite having enough arguments for short positions by the indicators right now, we think it is better to wait for the price to reach (if it happens) the next Resistance in the 500 EMA zone, which is at the level of 2.020. That's why we loaded our STS_MA_Distance_Bot to open short positions if the price enters the range above 2.0200 to 2.0420. The Trading Zone of the Robot in this case serves for starting the Bot (above the Down level of the Trading Zone) and for stopping all trades (at the Up level of the Trading Zone). The Trading Robot will open short positions only in this range if the price is 100 or more pips away from 10 EMA on Daily Chart.
STS_MA_Distance_Bot is set to open short positions on each consecutive Daily candle if the conditions for distance to 10 EMA are still present and the price is in the specified trading range. The Bot is set to Single Mode, which means that when it closes the trades, it will restart and will not open new trades, but instead will wait for us to set new conditions. This is the advantage of Algorithmic Trading. Using Trading Robots gives us the freedom and peace of mind that the Bot will accurately play our Analysis and save us time in front of the monitors.
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Get your STS_ATR_Distance_Indicator now: https://smarttradingsoftware.com/en/indicators/prd/atr-distance-indicator/
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Get your STS_MA_Distance_Indicator now: https://smarttradingsoftware.com/en/indicators/prd/sts-ma-distance-indicator/
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