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GBPUSD - SIMPLE Bearish Triangle Pattern
British Pound / U.S. Dollar
Short
GBPUSD - SIMPLE Bearish Triangle Pattern
By swissmoneymakers
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Updated
Apr 23, 2020
9
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Apr 23, 2020
Hi Traders!
The market is in a downtrend.
As you can see, the market broke out of the Level at 1.24200.
Then it made a strong downmovement
After this downmovement, the market started to retrace.
It made higher lows, but also lower highs.
This is known as the
Bearish Triangle
.
So, the target is the distance from the first movement.
You calculate it at the end of the breakout.
We recommend to trade the breakout with a retest, to avoid false brakeouts.
Thanks and successful Trading :)!
Apr 23, 2020
Comment
Here is the RED BOX, but in Big:
Apr 25, 2020
Order cancelled
As you can see, the market broke out to the up side.
That's why we didn't take the short trade.
Have a nice day :)
bearishtriangle
breakout
Chart Patterns
Trend Analysis
swissmoneymakers
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