Double Top in a Trend Continuation Trade
Hi guys,
here on AUDNZD price has recently created new structure low. Besides, there's no structure looking left until 1,0750. That's why i want to get involved in this trend continuation trade.
As you can see, price is now coming back to retest previous support, which once broken could become resistance, and it's having some troubles getting beyond that.
Actually, the second failed test tells us we may see some continuation on the downside.
However, i'm going to wait for the close of the candle and then decide whether to enter or not.
There's also a nice flag pattern that could be used as a reason for entry (if you're more conservative)
I'll keep you updated.
If you want to share your thoughts or ask questions, feel free to comment below.
Otherwise, see you in the next chart!
here on AUDNZD price has recently created new structure low. Besides, there's no structure looking left until 1,0750. That's why i want to get involved in this trend continuation trade.
As you can see, price is now coming back to retest previous support, which once broken could become resistance, and it's having some troubles getting beyond that.
Actually, the second failed test tells us we may see some continuation on the downside.
However, i'm going to wait for the close of the candle and then decide whether to enter or not.
There's also a nice flag pattern that could be used as a reason for entry (if you're more conservative)
I'll keep you updated.
If you want to share your thoughts or ask questions, feel free to comment below.
Otherwise, see you in the next chart!
Trade active:
Entered at the close. Stops and targets as above.
Trade closed: stop reached