Hey there,
This is a continuation from Yesterdays post on a short position I took on GBPAUD which hit our take profit with a decent 4:1 risk rewards ratio.
From the chart we can see 4 bearish confirmations:
1: Descending channel
2: Inverted Head & Shoulders pattern
3: Fail retest of the neckline which was previously a support area, rejected the test and confirmed the Inverted Head and Shoulder Pattern.
4: Bearish pennant just after multiple tests of the support in the descending channel.
Waiting for a break out to the down side on the flag.
Entering at 1.93641
SL at 1.94029
TP1 at 1.92497
TP2 at 1.91780
Overall risk reward of 4:1
Thanks.
This is a continuation from Yesterdays post on a short position I took on GBPAUD which hit our take profit with a decent 4:1 risk rewards ratio.
From the chart we can see 4 bearish confirmations:
1: Descending channel
2: Inverted Head & Shoulders pattern
3: Fail retest of the neckline which was previously a support area, rejected the test and confirmed the Inverted Head and Shoulder Pattern.
4: Bearish pennant just after multiple tests of the support in the descending channel.
Waiting for a break out to the down side on the flag.
Entering at 1.93641
SL at 1.94029
TP1 at 1.92497
TP2 at 1.91780
Overall risk reward of 4:1
Thanks.
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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.
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.