Breaking Down the NZDUSD 1HR

PateSkpate Updated   
FX:NZDUSD   New Zealand Dollar / U.S. Dollar
This is just a Technical Analysis on what COULD happen on the Kiwi. I'm looking at Trading the Balance Area in EITHER direction. These Balance Area are typically areas where Smart Money is either Accumulating or Distributing Orders. I think given the Overall Bearish Trend and the way this Pattern has setup it makes the most sense for a downside Breakdown, HOWEVER, I will only Trade it when I get a Break & Close out of the Balance Area for confirmation per my Trading Rules.

Downside Scenario:
IF, we break to the downside then we will be forming the Right Shoulder of a Head and Shoulder Pattern, which would make Target #2 a higher probability of getting hit. Also, be prepared for a bounce on at Target #1's because there is structure there looking left.
Trade active:
Looks like the Downside Scenario is playing out. Targets are still at the same place. Stop is 1 ATR below Breakout Bar so around .6572's. Now its just a matter of holding onto the trade until either Targets or Stops are hit.
Target #1 is officially hit. Watch for a bounce here at this .6500 level before moving down to Target #2's
looks like we formed the Right Shoulder of the Head and Shoulders Pattern. Stops are at Breakeven for me. Holding that last half of my position for Target #2's which would complete the Breakdown of the Head and Shoulder's Pattern.
Trade closed: target reached:
Trade is now closed for me. Target #1's were reached and I left the 2nd half of my position run for Target #2's. The 2nd half was just taken out for Breakeven.


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