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
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.
I still like this pattern but will reload if the neckline breaks soon.