Fxprotrader
Short

GBPNZD Bear Flag Pattern

FX:GBPNZD   British Pound/New Zealand Dollar
661 12 36
GBPNZD             is moving into a rising channel better seen at a higher timeframe. I has bounced from its upper parallel moved down sharply and it's now consolidating. We should watch for a breakout below the consolidation and sell GBPNZD             aiming the lower trendline of the channel.

Rising channel
snapshot


P.S: Take a minute and read my post of "1001 pips project". You may find the link below..
Comment: Price broke below the corrective structure...
Comment: Simple, clean patterns work wonders, just like this one..
Comment: Price has broken belowe the channel.. For those who are still in this trade, we should wait for a pullback probably to the lower bond of the broken channel and then price could drop once more.. Manage this trade wisely to make this setup a big one..!
Comment: No fancy setups needed in order to be profitable in the markets.. This simple channel has given as profits to recover from 15 losing trades..!
Doing really well - thank you!
Reply
You are welcome sbeavis..! I hope you are in with this one..!
+1 Reply
sbeavis PRO Fxprotrader
I bought 2 lots about 5 hours ago, so feeling pretty happy so far. Can I ask what you are setting as a profit target?
Reply
Well it depends where you placed your stoploss. but based on steructure price may reach the lower bond of the channel. Otherwise aim for as much as the impulse previous to the correction
+1 Reply
What a great trade that was for you mate..!
+1 Reply
sbeavis PRO Fxprotrader
Yes thanks very much indeed! Have taken profit but still have one lot as thought it might keep going... Cheers Sean
Reply
Great Trade, one question, it is ok, to go Long when price touch channel bottom? or there is any chance that it breaks down below the channel?
Reply
No without a buy setup completed..
+1 Reply
Perfect trade! Congrats!
Reply
Fxprotrader tonz_of_gunz
Thank you very much..!
+1 Reply
he broke a up 4H trend i think he will retest it and come back to 50 % fibo
Reply
It will probably retrace a little and then back on it's way (south)
+1 Reply
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