We can see a triangle pattern forming on the H1 chart in NZDUSD
We can enter in this trade two ways in a short position
1. Entry at Reversal from the trend resistance and see if it breaks downside, if it breaks downside there is a minor support which can push the price up from there, then we will exit the trade with 3% profit and if it breaks the support also then we will exit the trade in Target 2 with 7.50% profit.
Stop Loss : 2%
Profit Target : 3% < 7.50%
2. This trade will be possible if the price breaks downside the triangle and supported by the Minor support then a retest to the trend support but couldn't break it, then we can enter a short position and exit with 6% profit, in this trade the Stop-Loss should be 0.80%
Stop Loss : 0.80%
Profit Target : 6%
👍
We can enter in this trade two ways in a short position
1. Entry at Reversal from the trend resistance and see if it breaks downside, if it breaks downside there is a minor support which can push the price up from there, then we will exit the trade with 3% profit and if it breaks the support also then we will exit the trade in Target 2 with 7.50% profit.
Stop Loss : 2%
Profit Target : 3% < 7.50%
2. This trade will be possible if the price breaks downside the triangle and supported by the Minor support then a retest to the trend support but couldn't break it, then we can enter a short position and exit with 6% profit, in this trade the Stop-Loss should be 0.80%
Stop Loss : 0.80%
Profit Target : 6%
👍
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Trade closed manually
Closed when price came near buy price because the pattern became Invalidated
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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.