Hey Guys,
Took today a GBP/NZD breakout trade
On the 4hr we can see we had a clear wedge with a minimum of 3 touches,
Strong downtrend so I'll take the breakout if its heading south.
Went to the 1hr tf to find a valid entry, we had a false breakout, candle found support and went up again, two candles after we had a BEOB (yellow arrow) which engulfed 5 bars and closed below the previous support and outside the wedge.
Closed half at 2.0475, due to wedge size we should have a move of 200 pips, rest already at BE.
Blue lines/areas are possible areas where price might find support.
Os.
Took today a GBP/NZD breakout trade
On the 4hr we can see we had a clear wedge with a minimum of 3 touches,
Strong downtrend so I'll take the breakout if its heading south.
Went to the 1hr tf to find a valid entry, we had a false breakout, candle found support and went up again, two candles after we had a BEOB (yellow arrow) which engulfed 5 bars and closed below the previous support and outside the wedge.
Closed half at 2.0475, due to wedge size we should have a move of 200 pips, rest already at BE.
Blue lines/areas are possible areas where price might find support.
Os.
Trade Smart