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AUDNZD Bearish Triangle Breakout And Trade Setup

AUDNZD Bearish Triangle Breakout And Trade Setup

Description: AUDNZD trading in a triangle on H4 Chart and the trend is bearish. On the smaller chart timeframes we see another triangle trend as well. The triangle on the H4 chart mostly appears as a bearish continuation pattern. We will look for a short entry opportunity at the potential bearish breakout of the ascending line of the triangle – the orange dotted line – We have 2 bullish harmonic pattern – Harmonic Butterfly and Gartley – which would be completed at D – 1.07760 – confirming a minor correction and signaling the retest of the broken line. Another short opportunity at the retest of the broken line.

Based on the above information, our trade setups will be as follows:

Trade Period: Midterm Trading

Pair / Instrument: AUDNZD

Time Frame: H4

The trend in the Timeframe: Bearish

The trend in the Daily Chart:  Bearish

Trade Based On: Triangle Breakout

Accuracy: %98

Recommended Lot Size: 0.04@ 10 K Account with 1:100 Leverage

Trade:  Short

The Area Of The Entry: Potential Brekaout Level 1.08080  / Entry Notification will be sent to members at the breakout.

Stop Loss: 1.08400

Target 1: 1.07800

Target 2: 1.07600

Target 3: 1.07100

Trade Setup Based On Bullish Gartley and Butterfly Patterns: 

Long @ 1.07770 Stop 1.07500 Target: 1.08000

Trade setup at the retest of the trend line:

Short @ 1.08000 – 1.08100 Stop @ 1.08500 Targets: 1.07600 and 1.07100

What to Pay Attention: The setup is based on a bearish breakout of the triangle. We have another scenario and an alternative setup based on the bullish breakout. If we see the pair trading in a bullish direction we will publish it for the members.

 

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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money

AUDNZD Triangle Breakout: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

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