TRADE OF THE WEEK | Key Level Breakout Trade
Here is a great breakout trade that I caught on AUDNZDthis week.
This trade is based on a bearish breakout of a major daily key level and its retest.
Original post -
Retesting the broken structure,
I am always looking for an intraday confirmation (reversal pattern on 4h/1h time frames).
On hourly time frame, after some fluctuations, the price formed a tiny double top formation with a lower high.
Breaking its neckline, and respecting a local falling trend line , that was a trigger for me of a coming bearish movement.
I opened a sell limit order on a retest of a broken neckline.
My entry level was 1.05437
My goal was 1.0475
My stop loss was 1.05705
The price dropped nicely as predicted giving me 70 pips of pure profit.
Great example of a confirmation, rule-based trade.
Share your winners of this week in a comment section!