Descending Channel on EUR/NZD @ D1
A descending channel pattern formed on the daily chart of the EUR/NZD currency pair following a month-long uptrend. The pattern's borders are marked with the yellow lines. The potential entry level is at the cyan line. The potential take-profit level is at the green line. The stop-loss can be set to the low of the candle preceding the breakout candle. It's not shown on the chart. I will ignore bearish breakouts from this descending channel formation.
Trade active
Long entry triggered today at 8:24 UTC with entry at 1.8432, SL at 1.8356, and TP at 1.8653 (subject to daily revisions).Trade closed: stop reached
SL hit today at 9:00 UTC.
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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.