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Monday, June 28, 2021

GBPNZD (4Hour): Mind blowing Risk/Reward Ratio๐Ÿš€

GBPNZD (4Hour): Mind blowing Risk/Reward Ratio๐Ÿš€

GBP/NZD OANDA:GBPNZD

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

Reward: 479 pips ๐Ÿค‘
Risk: 15 pips ❌
Risk Reward Ratio: 28.54 ✅

Chart Breakdown:๐Ÿ“ˆ๐Ÿ“‰

  • 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 idea๐Ÿ‘
Follow DR .Swing_Forex for more quality ideas.

DR .Swing_Forex


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