Descending Triangle on GBP/CAD @ H4

10 sept. 2022

This GBP/CAD 4-hour chart shows a descending triangle pattern that can be used to enter a rather short-term sell trade on a successful bearish breakout. The triangle's borders are marked with the yellow lines. The cyan line is where my potential entry level will be. The green line marks my take-profit level. I will set the stop-loss level to the triangle's highest point (1.52235) marked with the red line. I will ignore bullish breakouts from this trend continuation pattern, which follows a long-term downtrend in the currency pair.

12 sept. 2022

Ordre annulé

Trade setup cancelled due to the pattern invalidation.