GBPNZD (4Hour): Mind blowing Risk/Reward Ratio🚀

28 de jun. de 2021

Hello fellow traders, please take a moment to view my insight on GBPNZD for the week.

Reward: 479 pips 🤑
Risk: 15 pips ❌
Risk Reward Ratio: 28.54 ✅

Chart Breakdown:📈📉

• 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.
  

Please comment and like if you agree with the idea👍
Follow DR.Swing_Forex for more quality ideas.

DR.Swing_Forex