GBPNZD PRICE ACTION TRADING DIAMOND BOTTOM

Apr 22, 2023

GBPNZD has formed a Diamond Bottom reversal pattern on its daily chart.
The Price is trading near the Breakout: 2.03195.
ST: 1.99395

Target1:
62%: 2.16627
79%:2.20281

Target2:
127%: 2.24911
162%: 2.38346

Apr 22, 2023

Note

Chart patterns classification of 'Continuous' or 'Reversal' patterns helps traders to identify specific patterns and expect their outcome from current price action.

Reversal patterns exhibit a total shift of trends from bullish to bearish or bearish to bullish in a single pattern structure.

Examples of the reversal patterns are 'Head and Shoulders, Double Tops and Bottoms...

A knowledge of reversal patterns or continuous patterns helps traders to estimate the end of trends or continuous trends to execute trades in a timely fashion for maximum gains. This knowledge also helps traders to time the trades in the opposite direction and to place smaller stop levels.

Here I discuss one of the key reversal Chart Pattern and present examples of them:

Diamond patterns are both continuation and reversal patterns.

It is also similar to adding two "triangle" patterns, Inverted and Symmetrical, together.
If the pattern occurs in the midst of a trend, it will present a continuation of the trend in the same direction prior to the formation.

Continuation Diamond Pattern Bullish:

Continuation Diamond Pattern Bearish:


If the pattern occurs at the tops or bottoms, it will be a reversal pattern.

Diamond Top:

Diamond Bottom:


Trade Entries:

Diamond Tops /Bottoms and continuous Patterns:

Primarly Entry Point:
Trade the Breakup/Breakdown at the mid 50% Range of the Diamond Pattern Height

Example Diamond Bottom Primarly Entry Point:

Example Diamond Top Primarly Entry Point:

Example Diamond continuous Bullish:

Example Diamond continuous Bearish:



Secondary Entry Point:

Trade the breakup/breakdown of the high/low of the Diamond Pattern
Example Diamond Bottom Secondary Entry Point:

Example Diamond Top Secondary Entry Point:

Example Diamond continuous Bullish:

Example Diamond continuous Bearish:


Stops:

Diamonds Bullish Patterns: Set a stop below the low previous to the breakout

Diamonds Bearish Patterns: Set a stop above the high previous to the brekout

Targets:

Diamond Tops and Diamonds Bottoms Patterns Targets are set to 62-79%. 127-162% of the Diamond Patterns Height

Diamonds continuous Bullish/ Bearish Patterns targets are set tfrom the range of AB from C or the 62-79% of the Diamond height

Example Diamond continuous bearish Target:

Example Diamond continuous bullish Target:


TCPLTP Diamonds Patterns charts shown in this examples are Actual trades made by TCPLTP in the past years and has been studing The Diamonds Patterns since Them.
One of the first Diamond Patterns called my attention back IN MAR 2020


Trade Chart Patterns Like The Pros ( By Constantino)

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Greetings, I am Constantino, and it brings me great pleasure to share my extensive experience and insights into the fascinating world of trading chart patterns. Over the span of more than a decade, my unwavering dedication has been devoted to meticulously researching and astutely analyzing these patterns, embarking on an ever-evolving journey of exploration and discovery.

Armed with a refined toolkit that has been sharpened through relentless analysis and hands-on application, I have honed a distinct ability to identify and interpret recurring patterns within the dynamic tapestry of trading charts.

My exploration extends far beyond the surface, venturing into the captivating realm of psychology. This endeavor has led me to uncover the profound impact that these patterns wield in shaping the intricate dance of market dynamics. Through consistent trading and vigilant observation, I have cultivated an intimate understanding of the intricate interplay between market psychology and the captivating formations etched onto charts. This unique perspective grants me invaluable insights into the nuanced behavioral forces that steer price movements, empowering me to craft well-informed and strategic trading decisions.

Beyond my personal journey, I am thrilled to offer a treasure trove of resources. I can provide you access to a plethora of over 100s positive technical analyses, cementing my expertise and establishing me as a steadfast guide through the intricate labyrinth of financial markets.

I wholeheartedly extend an invitation for you to accompany me on an enlightening expedition of exploration. Together, we will unravel the enigmatic narrative interwoven within trading chart patterns and delve deep into the captivating psychological nuances that underlie their influence. To gain a comprehensive view of my journey and expertise, I encourage you to explore my profile, where you'll find a snapshot showcasing the commitment and mastery I've cultivated over the years.

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