Rectangle on AUD/USD @ D1
This rectangle pattern (horizontal channel) on the daily chart of AUD/USD offers a potential bearish breakout opportunity following the general downtrend. The borders of the rectangle are marked with the yellow lines. My potential entry level is where the cyan line is. My potential take-profit level is at the green line. They are based on the rectangle width - 10% for the Entry line and 100% for the TP line. The stop-loss can be set to the high of the respective breakout candle (not shown on the chart) or to the high of the previous candle if the breakout one is mostly outside the rectangle.
Trade closed: stop reached
The trade hit its stop-loss on September 28 after opening a short trade following a false breakout on September 27.
You can find useful tools to detect, build, and trade chart patterns - all completely free on earnforex.com.
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.
You can find useful tools to detect, build, and trade chart patterns - all completely free on earnforex.com.
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.