USDNZD Triangular Contraction [Short]
Waiting for breakout on (Triangular Contraction)
Downtrend
+ reached market sentiment at 1.4505 (no buyers at this area/ allot of sellers in this area)
+ Strong Breakout (74pips) on Lower Low at 1.447
+ Support level change to new resistance level
+ Consolidation Stage (triangular contraction) where price action moves near support level slope
Short
1. If price action respects new resistance level
2. If price action breaks triangular contraction support level.
Stop Loss @ 1.4474
Downtrend
+ reached market sentiment at 1.4505 (no buyers at this area/ allot of sellers in this area)
+ Strong Breakout (74pips) on Lower Low at 1.447
+ Support level change to new resistance level
+ Consolidation Stage (triangular contraction) where price action moves near support level slope
Short
1. If price action respects new resistance level
2. If price action breaks triangular contraction support level.
Stop Loss @ 1.4474
Note
I should have placed my stop loss @ top of consolidation stage @ 1.4507 in order to stay in my position.Trade closed: target reached
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.