Alright, let's break down your AUDNZD 30-minute chart carefully:
You have drawn a resistance trendline sloping slightly upwards.
Price was moving inside a descending channel (wedge) and broke out upwards.
You have a green highlighted zone, which seems to be a resistance area (now becoming support after breakout).
You also drew two scenarios with arrows — both bullish after breakout.
Market is currently consolidating just above the green zone after breakout.
Entry Zone:
Your entry zone is inside the green highlighted box or just after price re-tests it.
Safe entry point: around 1.0725 - 1.0735, after confirmation (e.g., bullish candle, bullish engulfing pattern, or rejection wick).
Target Point (Take Profit - TP):
First target: around 1.0755 - 1.0760, where your black resistance trendline is.
Second target (if breakout continues): around 1.0780 (previous major resistance level).
Stop Loss (SL):
Logical stop loss placement: below the green zone and recent support.
Good SL: around 1.0710 - 1.0715, giving the trade room to breathe but protecting from breakdown.
Reasoning Behind the Trade Setup:
Bullish breakout from a descending wedge (which is a bullish reversal pattern).
Retesting the breakout zone (green area acting as new support).
Higher lows formation: the price structure shows strength.
Volume increase during breakout (if you check volume, usually it supports a strong breakout).
Good risk-to-reward ratio (R:R about 1:2 if targeting 1.0760 and risking till 1.0710).
Final Trading Plan Summary:
Would you also like me to suggest a slightly more aggressive or safe version depending on your trading style (scalper/swing)?
You have drawn a resistance trendline sloping slightly upwards.
Price was moving inside a descending channel (wedge) and broke out upwards.
You have a green highlighted zone, which seems to be a resistance area (now becoming support after breakout).
You also drew two scenarios with arrows — both bullish after breakout.
Market is currently consolidating just above the green zone after breakout.
Entry Zone:
Your entry zone is inside the green highlighted box or just after price re-tests it.
Safe entry point: around 1.0725 - 1.0735, after confirmation (e.g., bullish candle, bullish engulfing pattern, or rejection wick).
Target Point (Take Profit - TP):
First target: around 1.0755 - 1.0760, where your black resistance trendline is.
Second target (if breakout continues): around 1.0780 (previous major resistance level).
Stop Loss (SL):
Logical stop loss placement: below the green zone and recent support.
Good SL: around 1.0710 - 1.0715, giving the trade room to breathe but protecting from breakdown.
Reasoning Behind the Trade Setup:
Bullish breakout from a descending wedge (which is a bullish reversal pattern).
Retesting the breakout zone (green area acting as new support).
Higher lows formation: the price structure shows strength.
Volume increase during breakout (if you check volume, usually it supports a strong breakout).
Good risk-to-reward ratio (R:R about 1:2 if targeting 1.0760 and risking till 1.0710).
Final Trading Plan Summary:
Would you also like me to suggest a slightly more aggressive or safe version depending on your trading style (scalper/swing)?
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
FREE Trading Signals ..
t.me/TradingViewAccurate786
Forex, Gold & Crypto Signals with detailed analysis & get consistent results..
t.me/Smart_Money_Trader_SMC
t.me/TradingViewAccurate786
Forex, Gold & Crypto Signals with detailed analysis & get consistent results..
t.me/Smart_Money_Trader_SMC
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.