Hey there,
This is a continuation from Yesterdays post on a short position I took on GBPAUD which hit our take profit with a decent 4:1 risk rewards ratio.
From the chart we can see 4 bearish confirmations:
1: Descending channel
2: Inverted Head & Shoulders pattern
3: Fail retest of the neckline which was previously a support area, rejected the test and confirmed the Inverted Head and Shoulder Pattern.
4: Bearish pennant just after multiple tests of the support in the descending channel.
Waiting for a break out to the down side on the flag.
Entering at 1.93641
SL at 1.94029
TP1 at 1.92497
TP2 at 1.91780
Overall risk reward of 4:1
Thanks.
This is a continuation from Yesterdays post on a short position I took on GBPAUD which hit our take profit with a decent 4:1 risk rewards ratio.
From the chart we can see 4 bearish confirmations:
1: Descending channel
2: Inverted Head & Shoulders pattern
3: Fail retest of the neckline which was previously a support area, rejected the test and confirmed the Inverted Head and Shoulder Pattern.
4: Bearish pennant just after multiple tests of the support in the descending channel.
Waiting for a break out to the down side on the flag.
Entering at 1.93641
SL at 1.94029
TP1 at 1.92497
TP2 at 1.91780
Overall risk reward of 4:1
Thanks.