FX:NZDUSD   New Zealand Dollar / U.S. Dollar
possible inverted H&S is still in play but i believe its harder now! We had a false breakout and now all i can do is wait for price action to re-test the major down trend or wait for price to decide if its going even more down! A daily close below 0.6480 could make price go to 0.6430 and maybe more! For now we wait!

What do you think?? Join the group chat so we can chat about all analysis!! t.me/tradingbayfx

Comments



Evening stars everywhere this thing is gonna tank
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Short It's going lower .63
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tradingbay MatrixFX
@MatrixFX, My initial thoughts after price re-entered the down-trend! For confirmation i will wait for 0.6480 mark
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Thank you for sharing. never thought of it as inverted head and shoulders but now I see that is very possible.

Heres my chart:
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tradingbay MikulovicFOREX
@MikulovicFOREX, Looking good! So you think it's a buy?
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@tradingbay, with the idea that a cup and handle pattern is a simply just another bullish leading indicator, indicating a continuation of a bullish move, it believe it is very likely to go up indeed.

Normally these patterns should only retrace up to the upper half of the total range, but if it falls below half of the range traders view it as a sign that the bullish move will be much stronger then usual.

Normally the profit targets for these patterns are twice the range of the cup, but if we see a retracement below 50% this profit objective will be extended up to minimum 261.8% of the total range, but can be extended much further. I am already long and ready to take losses if we go below this level, but I will be looking for a re-entry in the direction of the present 3 month uptrend.
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tradingbay MikulovicFOREX
@MikulovicFOREX, Interesting! Well, i'm out until daily closes below 0.6480 for short or above 0.6550 for longs!
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@tradingbay, Very wise! im just speculating and betting on this pattern to hold, but of course nothing is certain but I believe I have a much higher chance of being right then I have of being wrong so for me its a no brainer.

Good luck!
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tradingbay MikulovicFOREX
@MikulovicFOREX, Good luck for you too brother!
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