DrSwing_Forex

GBPNZD (4Hour): Mind blowing Risk/Reward RatioπŸš€

Short
OANDA:GBPNZD   British Pound / New Zealand Dollar
Hello fellow traders, please take a moment to view my insight on GBPNZD for the week.

Reward: 479 pips πŸ€‘
Risk: 15 pips ❌
Risk Reward Ratio: 28.54 βœ…

Chart Breakdown:πŸ“ˆπŸ“‰
  • Daily Timeframe:
    We have a downtrend in place and price is currently inside a strong range.

  • 4Hour Timeframe:
    We have a sell setup playing out as a result of a 3rd touch of a downtrend trendline.
    We have a downtrend in place as price intersected the previous higher low of the uptrend and formed a lower-high and lower-low to confirm the downtrend.

  • 1Hour Timeframe:
    The uptrend changed to a downtrend as a result of a head and shoulders bearish reversal pattern and a lower high that caused price to tumble down way past
    the previous higher low of the uptrend, therefore confirming the downtrend.
    Price action formed a pennant /symmetrical triangle confirming to us that the downtrend is going to continue.
    I will use aggressive entry at the touch of the downward trendline of the triangle to enter this trade.

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