ForexTradingZones
Short

AUDNZD Head & Shoulder 240-min - SHORT SETUP

FX:AUDNZD   Australian Dollar / New Zealand Dollar
AUDNZD             currently @1.0789 giving us a head & shoulder pattern right at the top of our Channel for a potential square up of the move from last week.

Let's wait to see if they will violate the H&S by going higher, If not take the short below the neckline @1.0770 - or even before the break at the current level of 1.0790

ENTRY: SHORT @1.0770 STOP 1.0800 TARGET 1.0730-20

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These comments are for information purposes only. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Do not trade without proper research on the asset. This is an opinion ONLY – and not a trade call, but this analysis may lead you to a trade. The information contained on this document does not constitute a solicitation to buy or sell an asset by FOREXTRADINGZONES.COM.

DO NOT TRADE WITHOUT STOPS
Failed to confirm.

What you claimed the head was could be the right shoulder. Developing head now.
Reply
After the fact, it's easy to call it a fail - but I agree with you perhaps now they are developing the head. As per my analysis, we were waiting to see if they were gonna go higher, If not, then then take the short below the neckline @1.0770 --- So, the trade it's still there.
We'll see what happens after tonight's fundie news out of Australia.
Happy trading Bosma,
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Nice chart. I shorted a few days ago already. Good luck. https://www.tradingview.com/e/HglXZkG9/
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i like this setup!
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have you made a bet?
Reply
I trade standard lots, but my trading style is to scale into a trade. For the AUDNZD took 3 minis short @1.0788, with a STOP of 1.0808 -- THEN I have have 2 more pending orders if we break the 1.0770 (4 minis short) and 1.0760 (2 minis short) to complete my standard lot to the downside and capture 40-50 PIPS. See more at my training room, http://www.forextradingzones.com
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