AUD/USD in a Symmetrical Triangle on H4 Chart

A strong downtrend that was active in AUD/USD from November 8 till November 21 has consolidated into a classic symmetrical triangle pattern. Being a continuation signal, such a triangle suggests a further bearish price action in this currency pair following a breakout.
The chart screenshot below shows the triangle marked with the yellow lines. The cyan line is my breakout entry level located at 10% of the triangle’s height (at the base) below the lower border. The green line is my potential target; it is placed at 100% of the triangle’s height below the border. I will set my stop-loss to the high of the breakout bar or the high of the preceding bar (if the breakout one trades mostly below the border). A bullish breakout will invalidate this symmetrical triangle. You can click on the image to see its full-size version:

I have built this chart using the ChannelPattern script. You can download my MetaTrader 4 chart template for this AUD/USD pattern. You can trade it using my free Chart Pattern Helper EA.
Update 2016-12-05 20:09 GMT: The trade entry order has been removed because the pattern had been invalidated by the price action:

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

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