Updated

AUDNZD H&S, long or short trade

There is a potential trade here. First glance says this H&S on the left will make the price drop. But i personally think it will fail and we will see a counter move to the upside.
This will be a 2 way trade, but for both i will wait for confirmation first before entering a trade. On the right i want to see that resistance break first before going long. On the left i want to see the price break the neckline, retest former support and when it turns down again, i will short it.

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Seems the break out is not really there yet though, so lets wait a little bit more. Still some resistance it seems

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So now we have a solid breakout, now i don't want to see it drop below the first green support level anymore.

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The trade/idea is still not over yet, but this drop is not good. Showing a possible small bear flag. It should stay above the green zone, because otherwise the failed H&S idea fails most probably. The blue zone is the neckline of the H&S

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Still not moving up and not dropping as well. So we see resistance AND support. The bullish did stay intact though so there is still a good chance we might move up. Seems that trend line on the left does have some value, so we want to see a daily close above that resistance. If that happens, we should see more upwards movement.

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Move stops to that red zone now.

botje11

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botje11

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