cashcowaj
Long

NZDUSD 4HR CONTINUATION STEUP

FX_IDC:USDCAD   U.S. Dollar/Canadian Dollar
My long bias comes from briefly viewing the bigger picture i.e daily, weekly etc which displays clear lower highs and higher highs so in turn very bullish sentiment.
I have then zoomed into the 4hr and found a very simple setup.
Price has made continuous HH and LH within the ascending channel and broke the first counter trend line retested made a higher high than came to retest the line again in confluence with the longer term rising trendline and 61.8 fib level which I have highlighted on the chart.
An inverse H&S continuation pattern looks like it is forming (3 highlighted areas) and a break of the neckline and decent price action would warrant my entry to get in on the action of this very bullish trend in which a new higher high is due.
Not the tidiest of setups however looks like it could play out to be a very effective one.
sorry wrong heading i meant USDCAD
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Can you recommend an entry/target/stop-loss too?
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cashcowaj timwest
If you have an aggressive approach you can wait for bullish price action to present itself around the ascending TL @ 1.32 level with a stop @ 1.31 level
however what I will recommend is a break of the neckline (previous high) a retest then I will give a more specific entry and stop loss in confluent with market conditions
.
My target will be the 1.36 area which is in confluence with monthly resistance levels and the range of the H&S pattern however I will definitely recommend trailing your stops as the position moves in your favour towards that target or you can leave your stop and be conservative which ever suits you best
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