OutsideTheBoxHK
Short

NZD/USD Trend Reversal - Daily Chart

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
After the NZ             OCR announced a certain easing bias to their benchmark rate, this head and shoulders top should be quite effective.

TP 0.6850
SL 0.7350
lkthomas
4 months ago
how exactly are you determine when to sell on head and shoulder pattern? we might all know it's going down, but timing also a key point.
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OutsideTheBoxHK lkthomas
4 months ago
I look for a bearish candle pattern on the daily, then switch to smaller timeframes like 15m and 1 hr to determine exact entry. We are working off oversold conditions ATM, so I would wait to re-short if you haven't already entered the trade short yet. I sold on Friday before the NFP report, as I had already spotted a break in trendline and retest previous support. Now resistance.
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lkthomas OutsideTheBoxHK
4 months ago
good for you, yes I do notice drop trend is stopped, wait for it to come back and short again.
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OutsideTheBoxHK lkthomas
4 months ago
go to 15 min or 5 min and short once the RSI indicator becomes overbought (70 reading).... or bearish divergence develops
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lkthomas OutsideTheBoxHK
4 months ago
putting pending short @ 0.72106, let's see if it will get hit.
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OutsideTheBoxHK lkthomas
4 months ago
better placement is 0.7175 IMHO but ok
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lkthomas OutsideTheBoxHK
4 months ago
We will see
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