Rising Wedge Bearish Continuation on GBPAUD 1H

I believe I have identified a rising wedge/bearish flag on the GBPAUD. While it is completely possible this idea could be revenge for my previous failed long, it does seem to match the pattern provided by Wave Expert in the link to their chart below.

Strategy on this trade would need to be to sell the breakout of the wedge. Target price would be around 100 pips after the breakout, stops above the last high (and only if r:r >2!)

Kommentar:

Stop loss would have been around 70 pips on the breakout, so can't say if I would have determined the risk:reward was good enough here and if 140 pips was possible. I would have had to look to the left and check other TradingView authors to help decide. It definitely got the 100 pips on this one, with a maximum move of 850 pips from this wedge's breakout due to Sterling's "flash crash". So that is pretty cool.

Trade geschlossen: Ziel wurde erreicht