EURNZD is approaching Neckline of Head and Shoulder Pattern. Go Short on the breakout of Neckline.
SL would be just above the Shoulder.
TP would be at the support level or Same measurement of Head to Neckline distance.
Go short after confirmation of bearish candlestick formation within Potential Reversal Zone (PRZ).
TP 1 would be 0.382 of CD Leg.
TP 2 would be 0.618 of CD Leg.
Going Short at 2.24 BC Extreme Projection PRZ Level.
SL would be just above the 2.618 BC Projection or as shown in the chart.
TP 1 would be 0.382 of AD Leg.
TP 2 would be 0.618 of AD Leg.
As you can see guys, Price did bounced from PRZ and then tested X Level but failed to close above it. And there's a Nice setup to enter a Short trade with a tight stop loss. Take Profit level will be as shown above...
FX:NZDUSD
It failed to Reverse from Crab Pattern PRZ as my previous Identification. It has just bounced from the BAT Pattern PRZ (Leg B C 2.618 Extension) indicating Completion of High Probability BAT Pattern Structure. One more Confirmation for this Trade is in 4 Hour Chart showing Bearing Candlestick Pattern Hanging Man. Going Short from Point D...
