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AUD/NZD in Ascending Channel Since February

I have last traded an ascending channel pattern back in June of 2017 and it was a major success. The formation on the AUD/NZD daily chart looks solid enough to warrant a new trade setup.

The yellow lines on the chart screenshot below mark the channel itself. The cyan line shows the position of my entry order. It is placed at 10% of the channel’s width below the bottom border. The green line will serve as my take-profit level; it is located below the channel at its full width. The stop-loss should be placed at the high of the breakout candle. If the breakout candle trades mainly outside the channel, the preceding candle should be used. A bullish breakout from an ascending channel should be ignored as it is a trend continuation pattern, which appears inside a downtrend. You can see a full-size screenshot if you click on the image:

AUD/NZD - Ascending Channel Pattern on Daily Chart as of 2018-09-16

I detected this channel using the Channel Pattern Detector indicator and built this chart using the ChannelPattern script. You can download my MetaTrader 4 chart template for this AUD/NZD pattern. You can trade it using my free Chart Pattern Helper EA.

If you have any questions or comments regarding this ascending channel on AUD/NZD chart, please feel free to submit them via the form below.

Posted on Forex blog. Click Here For Original Source Of The Article

About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

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