I’ve spotted a textbook sell setup on the GBP/NZD pair, as seen in the chart. This setup is based on a double-top pattern, signaling a potential bearish reversal. Here’s my breakdown of the trade:
🔍 Trade Analysis
Pattern: The market has formed a double-top near 2.1580, a clear resistance zone where buyers failed to push higher twice.
Entry: I entered short after price broke below the neckline at 2.1520, showing strong bearish confirmation.
Risk Management:
Stop Loss: Positioned above the resistance at 2.1580 to minimize risk.
Target: Aiming for a take-profit around 2.1400, aligning with previous support levels and the measured move from the double top.
💡 Lessons from the Setup
Patterns like the double top offer high-probability setups when combined with proper confirmation and risk management.
Risk-to-Reward Ratio: Always aim for setups that balance risk with reward.
I’d love to hear your thoughts! Are you seeing similar setups on other pairs, or do you trade GBP/NZD differently? Drop your insights or questions below. Let’s grow together! 💬
🔍 Trade Analysis
Pattern: The market has formed a double-top near 2.1580, a clear resistance zone where buyers failed to push higher twice.
Entry: I entered short after price broke below the neckline at 2.1520, showing strong bearish confirmation.
Risk Management:
Stop Loss: Positioned above the resistance at 2.1580 to minimize risk.
Target: Aiming for a take-profit around 2.1400, aligning with previous support levels and the measured move from the double top.
💡 Lessons from the Setup
Patterns like the double top offer high-probability setups when combined with proper confirmation and risk management.
Risk-to-Reward Ratio: Always aim for setups that balance risk with reward.
I’d love to hear your thoughts! Are you seeing similar setups on other pairs, or do you trade GBP/NZD differently? Drop your insights or questions below. Let’s grow together! 💬
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.
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.