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FX_Elite_Club
Mar 7, 2024 10:26 AM

GBP/NZD Possible Head and Shoulders Pattern Can Be Caught Soon Short

British Pound/New Zealand DollarFXCM

Description

on the 4h timeframe we can see the pair draw its own scenario after forming a head and shoulders pattern which is a reversal pattern.
i will explain shortly how to trade it and where exactly to put our sell trade. in this case we have the left shoulder and the head are formed we are waiting for the right shoulder to be formed. we can measure with our fib tool our top will be the head and our bottom will be the neckline. at 61% or 71% fib level we can expect the point of the right shoulder. you can put a limit sell order or wait for a bearish price action around those levels
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