Here is another Forex Trading Snack
NZDUSD fell below the 2015 low ( indicated by the black horizontal line) but bounced just as quickly back above. Thus tells me that that level might be of interest of larger position holders.
What makes this very interesting is the weekly candles. Moving back to the shorter 4H charts I saw this inverted Head & Shoulders pattern. Well it looks like that’s the pattern at least. Until the neck line is broken it’s just a possible pattern building.
If I were to play this pattern, I’d place a stop buy just above the neckline, placing my stop according to one’s risk tolerances under the neck line. The target to the up side would be measured at the same distance from the head to the neck and project that same distance from the neck line up to its limit ( 0.6400 ish )
If you chose to trade this idea you assume all risk of loss if any. This is not trading advice, but should be used as training or educational purposes.
In trading you either make dust or you eat dust.
All the best my trading warriors.
NZDUSD fell below the 2015 low ( indicated by the black horizontal line) but bounced just as quickly back above. Thus tells me that that level might be of interest of larger position holders.
What makes this very interesting is the weekly candles. Moving back to the shorter 4H charts I saw this inverted Head & Shoulders pattern. Well it looks like that’s the pattern at least. Until the neck line is broken it’s just a possible pattern building.
If I were to play this pattern, I’d place a stop buy just above the neckline, placing my stop according to one’s risk tolerances under the neck line. The target to the up side would be measured at the same distance from the head to the neck and project that same distance from the neck line up to its limit ( 0.6400 ish )
If you chose to trade this idea you assume all risk of loss if any. This is not trading advice, but should be used as training or educational purposes.
In trading you either make dust or you eat dust.
All the best my trading warriors.