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
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.
Reply
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.
Reply
lkthomas OutsideTheBoxHK
good for you, yes I do notice drop trend is stopped, wait for it to come back and short again.
Reply
go to 15 min or 5 min and short once the RSI indicator becomes overbought (70 reading).... or bearish divergence develops
Reply
lkthomas OutsideTheBoxHK
putting pending short @ 0.72106, let's see if it will get hit.
Reply
better placement is 0.7175 IMHO but ok
Reply
lkthomas OutsideTheBoxHK
We will see
Reply
United States
United Kingdom
India
Deutschland
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
中国
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out