GBP/NZD Trading Opportunity: Double Top in Action

I’ve spotted a textbook sell setup on the GBP/NZD pair, as seen in the chart. This setup is based on a double-top pattern, signaling a potential bearish reversal. Here’s my breakdown of the trade:

🔍 Trade Analysis
Pattern: The market has formed a double-top near 2.1580, a clear resistance zone where buyers failed to push higher twice.
Entry: I entered short after price broke below the neckline at 2.1520, showing strong bearish confirmation.

Risk Management:
Stop Loss: Positioned above the resistance at 2.1580 to minimize risk.
Target: Aiming for a take-profit around 2.1400, aligning with previous support levels and the measured move from the double top.

💡 Lessons from the Setup
Patterns like the double top offer high-probability setups when combined with proper confirmation and risk management.

Risk-to-Reward Ratio: Always aim for setups that balance risk with reward.
I’d love to hear your thoughts! Are you seeing similar setups on other pairs, or do you trade GBP/NZD differently? Drop your insights or questions below. Let’s grow together! 💬