HEAD AND SHOULDERS PATTERN-LOOK OUT FOR THE BREAKOUT/DOWN
NZDCAD
looks to be priming for a Head and Shoulders breakout/down. Not much more to say to this really. Kinda speaks for itself.
Keeping an eye out for this one. Looks to be good probability trade and a real earner.
What I am loving and is making me love trading even more and more is this:
A vertical measured move from head to neckline provides the potential target. Here's the kicker. Potential target not only falls bang smack into significant structural support on the 1 hour chart, but zoom out to the Daily chart and you can see the significance of that price/structure level.
I love me some structure education :D
Having failed to make a break below the neckline, and then making such an unsightly mess, I'm calling this one on account of the break above resistance established by a line from left shoulder to right shoulder.
This for me invalidates the potential head and shoulders pattern.
There was an error in my analysis on account of watching so many pairs (think I've hit my mental elasticity point for how many pairs I can be looking at before they start to blend-Good side, I have a better idea for my portfolio limit- hard inefficient way to go about it but hey I have the beginnings of a result).
I HAVE been watching this pair for what looks to me like a bullish bat pattern on the Daily chart and failed to take that into account when identifying the head and shoulders and trying to predict price action.
That said I'm eyeing a bullish bullish setup (said it twice for a reason) on this pair but not worth discussing as yet until I get some price action confirmation over the next days/week(s).
NZDCAD SHORT---DOA!