NZD Short Idea 0.590 area
Entry: The chart shows a bearish pennant pattern, which is a continuation pattern that typically precedes a downward move. A potential entry point could be on a breakdown below the lower trendline of the pennant pattern, around 0.6289.
Target: The target for a bearish pennant pattern can be estimated by measuring the height of the flagpole and subtracting it from the breakdown point. In this case, the height of the flagpole is approximately 0.0333, suggesting a potential target around 0.5956.
Stop-Loss: To manage the risk, a stop-loss order could be placed above the upper trendline of the pennant pattern, around 0.6411, or above the recent swing high, depending on your risk tolerance.
Trade Management: Monitor the price action closely after the breakdown. If the price moves in your favor, consider trailing the stop-loss to protect profits. Be ready to adjust the target or stop-loss if the market conditions change.
Remember, this is a general trade plan based on the chart analysis. Always do your own research, consider your personal trading style and risk management strategies, and adjust the plan as needed to fit your specific trading approach.
Target: The target for a bearish pennant pattern can be estimated by measuring the height of the flagpole and subtracting it from the breakdown point. In this case, the height of the flagpole is approximately 0.0333, suggesting a potential target around 0.5956.
Stop-Loss: To manage the risk, a stop-loss order could be placed above the upper trendline of the pennant pattern, around 0.6411, or above the recent swing high, depending on your risk tolerance.
Trade Management: Monitor the price action closely after the breakdown. If the price moves in your favor, consider trailing the stop-loss to protect profits. Be ready to adjust the target or stop-loss if the market conditions change.
Remember, this is a general trade plan based on the chart analysis. Always do your own research, consider your personal trading style and risk management strategies, and adjust the plan as needed to fit your specific trading approach.
Aamir Sohail
Aamir Sohail
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