Trade idea: SELLSTOP NZD/USD 1HOUR
We are creating and diamond pattern this is and reverse singal therefore I think we will trade this pair lower we are already breaking key level at fib 0.50 fib level.
What Is a Diamond Top Formation?
A diamond top formation is a technical analysis pattern that often occurs at, or near, market tops and can signal a reversal of an uptrend. It is so named because the connecting the peaks and troughs carved out by the security's price action form the shape of a diamond.
We are creating and diamond pattern this is and reverse singal therefore I think we will trade this pair lower we are already breaking key level at fib 0.50 fib level.
What Is a Diamond Top Formation?
A diamond top formation is a technical analysis pattern that often occurs at, or near, market tops and can signal a reversal of an uptrend. It is so named because the connecting the peaks and troughs carved out by the security's price action form the shape of a diamond.