NZDUSD Short Head & Shoulders

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
I think there are lots looking at this pattern already but I happen to strongly agree with it.The pattern combined with bearish divergence on the RSI I entered early at .7280 after the bounce of the far right shoulder. I'm expecting a breakdown in the next few days. I've got stops at breakeven already.

My first target is at least to the channel support around .70. At that point I may cover half my position and keep half in the event of a further breakout of the channel or I will close the position. I'm still not convinced the FOMC is going to raise rates this year so the pullback in the NZD may be limited
Trade closed: stop reached: When the pattern bounced off the neckline I closed half the position for a small profit and the rest of the position was closed when my break even stopped were taken out. Probably why it's good to be patient and wait for the neckline to break before taking a position.

I still like this pattern but will reload if the neckline breaks soon.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out