TF: 4 HR
Possible top completion of the right shoulder. I sold a position as shown below the retest and rejection with a stop above the wicks of the last couple 4 hr candles. Bit risky diving in now, but I think some risk aversion is coming and NZD/USD should trade lower over the next few weeks.
If price completes the head and shoulder pattern look for deeper decline to the support trend line and if that breaks we could be heading to test the lows made a few months back.
Possible top completion of the right shoulder. I sold a position as shown below the retest and rejection with a stop above the wicks of the last couple 4 hr candles. Bit risky diving in now, but I think some risk aversion is coming and NZD/USD should trade lower over the next few weeks.
If price completes the head and shoulder pattern look for deeper decline to the support trend line and if that breaks we could be heading to test the lows made a few months back.
Note
Price went well into profit, I closed my position at .6018 at the neckline and short of my TP due to 3x roll over on Wednesdays. However, I do think price may continue down quite a bit so I will be looking to re-enter.Note
A small inverse H and S may be forming on the 30 min. I entered 2 positions on the wick up earlier in the day and noticed this formation. I'm keeping an eye on this if the formation plays than i will close trades early
Note
If price move up to complete the formation and trend line is broke, I think trade is fully invalidated
Note
Looks like the inverse played out, I closed my shorts with slight profit about an hour ago
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.