There were a lot of opportunities on my radar today but the one that we spent the most time on today was the potential bearish breakout her eon the NZDUSD.
NZDUSD has currently put in a descending triangle pattern. Normally you'd like to see an ascending triangle form after a move to the upside, but the market isn't always perfect. Regardless, the outcome of this setup is typically a break to the downside.
As far as target projections go I've used a combination of structure (Structure Swap = An area where previous resistance has turned into support), Fibonacci ratios (taken from 2 of the lower swings) & an equal measured breakout from the range of the consolidation pattern.
Good luck in your trading week & remember that we always want to be "Predictive in our analysis, YET, reactive in our execution."
Your Trading Coach - Akil
NZDUSD has currently put in a descending triangle pattern. Normally you'd like to see an ascending triangle form after a move to the upside, but the market isn't always perfect. Regardless, the outcome of this setup is typically a break to the downside.
As far as target projections go I've used a combination of structure (Structure Swap = An area where previous resistance has turned into support), Fibonacci ratios (taken from 2 of the lower swings) & an equal measured breakout from the range of the consolidation pattern.
Good luck in your trading week & remember that we always want to be "Predictive in our analysis, YET, reactive in our execution."
Your Trading Coach - Akil
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