Short EURNZD Longterm Based on 1D Chart H&S Pattern

Our EURNZD Long was based on trend continuation + indicators, however, we played it against a forming H&S pattern, which has now completed on the daily chart. Our Long has not stopped out so I will be keeping my Long open in case of a recovery and continue to monitor the situation. However, if my short does get triggered then I will favour the H&S and may decide to close my Long to avoid further losses.

Trade safe guys and best of luck!

This research is for informational purposes and should not be construed as personal advice. Trading any financial market involves risk. Trading on leverage involves risk of losses greater than deposits.


Please comment below and Like if you agree with my analysis.

Trade active:

Sell position activated. Have now closed the long position idea I had ahead of the stop loss to reserve capital. Good luck to all entering this short.

Comment:

Quick update for anyone following this trade, based on the 4H chart:
Stochs showing we have just passed the 50% zone going down... so plenty room to keep dropping. Our MACD shows very high sell volumes, we're at a peak. Lastly, we've had an EMA 50+100 bearish crossover and the EMA50+200 is just crossing bearish as we speak. This is just starting to take shape!!

Note: It will be risky continuing our trade today and through the weekend but I'm confident we can ride out any storm and reach our targets.

Best of luck to everyone that has entered this trade, have a great weekend!

Trade closed manually:

Guys I'm closing this trade off ahead of our TP. Analysing this setup, it looks like we could pull back to the 1.563x zone, in line with my longer term short signal for 400+ pips. I expected us to hit our TP before a pullback but we met support and was unable to break through.

Banked around 150pips off this setup so wasn't all bad. Have a great weekend everyone!

Trade closed: target reached