Hi guys,
here on AUDNZD we have no structure looking left on the higher timeframe. In cases like this i start looking for simple pattern formations, like flags, triangles and wedges in the trend direction.
On the chart above you have what could be considered a flag pattern that's been broken to the upside. Price is now retracing back and giving us a better risk to reward ratio.
Stops below the previous lows, target1 at the retest of the highs, target2 to be determined (could go very far).
If you want to share your viewpoint or ask questions, feel free to comment below.
Otherwise, see you in the next chart!
here on AUDNZD we have no structure looking left on the higher timeframe. In cases like this i start looking for simple pattern formations, like flags, triangles and wedges in the trend direction.
On the chart above you have what could be considered a flag pattern that's been broken to the upside. Price is now retracing back and giving us a better risk to reward ratio.
Stops below the previous lows, target1 at the retest of the highs, target2 to be determined (could go very far).
If you want to share your viewpoint or ask questions, feel free to comment below.
Otherwise, see you in the next chart!
Trade closed: stop reached