What we see here is a classic bearish flag on the daily chart of the GBP/NZD currency pair (Great Britain pound vs. New Zealand dollar). It provides a trading setup with a bearish breakout entry potential. The flag and its pole are shown with the yellow lines. My potential take-profit level is marked with the green line (1.86213). My potential stop-loss level is marked with the red line (1.93650). I will wait for the price to close significantly below the flag's lower border before opening a short trade.
Trade active
Entered a short trade at 1.89288 with stop-loss at 1.93650 and take-profit at 1.86213.
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You can find useful tools to detect, build, and trade chart patterns - all completely free on earnforex.com.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.