Over the past 5 months, NZDUSD
has formed a Head & Shoulders
formation on the daily chart
. Pretty self-explanatory; first shoulder, a taller head and a second shoulder that is taller than the first and yet shorter than the head. Unfortunately, this isn't a perfect setup in the sense that the second shoulder is taller than the first one. Ideally, the second shoulder would be the same height or below the first one.
Regardless, price bounced off the neckline when markets opened this week, and went up to retest the broken support TL as a resistance TL. Tuesday's close candle formed a near doji
( spinning top
My trade is shown above.
Currently waiting for bearish
price movement to open my sell stop position.