Triple Top on AUD/NZD Daily Chart

A notable triple top pattern appears on a daily chart of the AUD/NZD currency pair. You can see it at the end of the long-term uptrend lasting since the beginning of this year. Although the pattern looks rather rough, I believe that it can serve as a valid entry trigger for a bearish trade.
The pattern is marked with three dark blue circles on the image below. A horizontal yellow line shows the lower border (neckline). The pattern’s entry level is positioned after a buffer range below the border. Entry level is based on the height the triple top formation. It is also not far from the multi-year low, which has started the ongoing bullish trend.

The channel was detected using the Channel Pattern Detector indicator. The chart was built using the ChannelPattern script. You can download my MetaTrader 4 chart template for this AUD/NZD pattern. It can be traded using my free Chart Pattern Helper EA.
Update 2014-11-27: Entered a short position at 1.08771 yesterday. The stop-loss order is currently set to 1.09869. My take-profit level is located at 1.05363. The breakout looks to be significant with the pull-back bouncing right off the entry line:

Update 2014-12-17: The trade has hit its take-profit level of 1.05363 yesterday. It could have hit it last Thursday, but the drop stopped mere 8 fractional pips above my TP. This time, all went well and AUD/NZD bottomed 16 full pips below my target. You can see it on the chart below:


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

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