• Vasily Trader

TRADE OF THE WEEK | Classic Triangle Breakout

Hey traders,

Here is a great short rally that we caught with my Top-Down trading strategy this week.

The pair reached a major daily structure and formed a head and shoulders pattern on that on hourly.

GBPNZD is trading within a wide horizontal trading range on a daily.

1.962 - 1.967 is its support.

2.005 - 2.008 is its resistance.

Approaching the range's upper boundary the price formed a cute dodji candle on a daily.

On hourly time frame, the pair formed a head and shoulders pattern.

1.99 - 1.993 is its neckline.

To sell with a confirmation, wait for a neckline breakout (hourly candle close below the yellow area).

Goals will be 1.98/1.97

In case of a bullish violation of a head level, the setup will be invalid!

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