Continuation Patterns GBPNZD
Recent move executed on GBPNZD. An impulsive move upwards breaking structure to form a flag pole followed by a corrective pattern to form a flag.
Always look for multiple confluences to enter your trades. In this case we had the pattern itself at play as well as a potential order block and the 50% fibonacci level. A perfect scaling oppurtunity also presented itself on break of the pattern. Our take profit target was set using the previous price range of the last impulsive move up. (flag pole) Once the area of interest was reached we notice multiple rejection candles and close the trade.
Always look for multiple confluences to enter your trades. In this case we had the pattern itself at play as well as a potential order block and the 50% fibonacci level. A perfect scaling oppurtunity also presented itself on break of the pattern. Our take profit target was set using the previous price range of the last impulsive move up. (flag pole) Once the area of interest was reached we notice multiple rejection candles and close the trade.