AUDNZD rejection + breakout on a descending triangle
AUDNZD action, in the past 20 trading days, seems to be represented very well on the H4 chart by this descending triangle.
Right now, we are having some important upper shadows on the upper part of the triangle, showing that sellers might be interested in getting that range of prices for their short positions.
This is a standard trade for traders who have watched my course on Swing Trading. There is something unusual though. Since the price is already in the last part of the triangle, we don't really have room to trade a rejection with a take profit at the bottom of the chart pattern, because we would have a very bad risk to reward ratio. In this case, I will also consider a possible breakout of the pattern, placing my take profit below it. Regarding the take profit, standard measured move applied to breakouts.
Setup of moving averages is in favor.
Risk to reward ratio better than 1:3, it is a good chance to trade.
Right now, we are having some important upper shadows on the upper part of the triangle, showing that sellers might be interested in getting that range of prices for their short positions.
This is a standard trade for traders who have watched my course on Swing Trading. There is something unusual though. Since the price is already in the last part of the triangle, we don't really have room to trade a rejection with a take profit at the bottom of the chart pattern, because we would have a very bad risk to reward ratio. In this case, I will also consider a possible breakout of the pattern, placing my take profit below it. Regarding the take profit, standard measured move applied to breakouts.
Setup of moving averages is in favor.
Risk to reward ratio better than 1:3, it is a good chance to trade.
Dagangan ditutup: sasaran tercapai
Take profit reached. Amazing trade with a risk to reward ratio of 1:3.33.
Find out more at itstradingtime.com/
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Find out more at itstradingtime.com/
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.