GBPNZD (4Hour): Mind blowing Risk/Reward Ratio๐
Hello fellow traders, please take a moment to view my insight on GBPNZD for the week.
Reward: 479 pips ๐ค
Risk: 15 pips โ
Risk Reward Ratio: 28.54 โ
Chart Breakdown:๐๐
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DR.Swing_Forex
Reward: 479 pips ๐ค
Risk: 15 pips โ
Risk Reward Ratio: 28.54 โ
Chart Breakdown:๐๐
- Daily Timeframe:
We have a downtrend in place and price is currently inside a strong range.
- 4Hour Timeframe:
We have a sell setup playing out as a result of a 3rd touch of a downtrend trendline.
We have a downtrend in place as price intersected the previous higher low of the uptrend and formed a lower-high and lower-low to confirm the downtrend.
- 1Hour Timeframe:
The uptrend changed to a downtrend as a result of a head and shoulders bearish reversal pattern and a lower high that caused price to tumble down way past
the previous higher low of the uptrend, therefore confirming the downtrend.
Price action formed a pennant/symmetrical triangle confirming to us that the downtrend is going to continue.
I will use aggressive entry at the touch of the downward trendline of the triangle to enter this trade.
Please comment and like if you agree with the idea๐
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DR.Swing_Forex