NZDCHF has been on a recent downtrend. The bears have been more aggressive than the bulls leading to the formation of a descending triangle. Price has opened for the week with a gap down, effectively breaking the horizontal support. I am placing a sell limit order at that level, expecting it become a new resistance and hold upon retest. Stop loss is based on ATR x 2. The take profit target is set at the 50% Fibonacci retracement level of the upswing. Trade details are as follows:
Trade Setup: Descending Triangle
Price Entry 0.67480
SL 0.67930 | SL pips 45.0
TP1 0.66756 | TP1 pips 72.4
RRR1 1.61
Trade Setup: Descending Triangle
Price Entry 0.67480
SL 0.67930 | SL pips 45.0
TP1 0.66756 | TP1 pips 72.4
RRR1 1.61
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