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
Trade closed: stop reached: just missed this one. November elections messed it up a bit. Stop loss could have been a bit further, but didn't want to risk it.
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.
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.
lkthomas OutsideTheBoxHK
good for you, yes I do notice drop trend is stopped, wait for it to come back and short again.
go to 15 min or 5 min and short once the RSI indicator becomes overbought (70 reading).... or bearish divergence develops
lkthomas OutsideTheBoxHK
putting pending short @ 0.72106, let's see if it will get hit.
better placement is 0.7175 IMHO but ok
lkthomas OutsideTheBoxHK
We will see
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