Sterling / Kiwi dollar - Right shoulder H&S Forming - SHORT
Updated
You can clearly see this whole thing developing nicely on the daily chart, with a bearish RSI and slowly declining volumes, a divergent market signifies a bearish move down. The distance from the head to the baseline is our profit target and I can see a "Point of control" at 1.90445 just above it so that's our target, I'm active in the trade.
Trade active
17/05/2018 / 16:46 @1.96358 the right shoulder was on its way up at the time, but the pattern is still valid many hours later, time will tell.Comment
These are my stops and targets:Comment
Hold onto this trade, it's making great profits, long way to go yet. Do not sell at the bottoms, wait for pull backs.Comment
Are you making a nice profit? Be patient, there is more to come.Comment
Once we break down out of this little wedge, it shall drop like a stone, a slow one.Comment
We have an orange report on open tonight from the Kiwis, the retail sales report, on average, the forecast has been far away from the actuals. We could, therefore, see a little bullish rally in the Asia session, historically, this has happened on declining volume and subsequently reversed in the UK session back in the direction of the trend, be patient, there are too many variables sending this pair much lower this week. Any pullback, use that as your entry.If however, the numbers are negative, those in Europe and the UK, will see us at the next level of support North of 1.94.
Comment
Straight away, lovely gap down. Nice open, but we have the Asian session yet, stay positive, with no expectations, by 9am tomorrow we'll know the lay of the land. But it's a nice start.Comment
If you've joined me in this trade, you're sitting on a fat profit right now, be patient, there's more to come, once we pass that moving average, the H&S baseline is our next target, between 1.935 and 1.931, I've not taken profits yet. But my stops are now at break even. Comment
We've broken under the moving average and trades are bouncing under it, next stop1.94 then down to the baseline around 1.93. lots of profit for us all to share!Comment
This red zone we're in right now is the previous point of control, a strong level of support, it may take a while and a pullback to get through it, we shall see. If you want to take profit, this is the time. I hope you're happy with my trades, remember to like and follow them to give me some credit. Thank you kindly. Christopher
Comment
UK100 (FTSE) just hit an all-time high, fuelled by great numbers and a cheap pound, it will only go lower, we sit tight and remain patient. Enjoying the profits?Comment
Look at this daily pin candle forming at the point of support, it's going straight through there today, if you needed any patience to hold out.Trade closed: target reached
First target reached, I will let the rest of my position run to see if it breaks the H&S baseline then onto the new targetComment
Short again now, we've broken the baseline of the head and shoulders, we have a long way to go, but it will not be easy nowComment
Comment
We have lots of UK numbers out today and tomorrow that will move the markets either way. Anything negative and we're going south fast, tomorrow is CPI, so even after today, traders will exit the market before tomorrow.Comment
It's having another go, Comment
Rejecting the push higher, volume is declining on all time frames, my additional short positions will be in good hands I feel. Only time will tell.Comment
This pair has been holding on to move back up to the upside, but volume has not been supporting the move (see RSI), not to mention a completed H&S pattern, there is now a battle on the edge of this ascending triangle pattern, which if the bears are successful will take us back to the neckline and into a beautiful move to the downside towards our target, but until then, we remain patient. Comment
We've finally beaten the bulls and broken out of the triangle and below the moving average, I now expect price to test the neckline down @1.93 and retest it for a much bigger move down, we must break through first for that to happenComment
I disappear for a few hours and we break the Intra high, we're at the moving average and have so far rejected moving higher, volume is also declining, maybe an ideal opportunity for another short.Comment
This trade keeps on giving, I added to my positions yesterday, my profits are now 1:8Comment
Comment
The profits on this trade are the biggest I've earned on a single trade in 4 years, and now we've broken the neckline after a retest, next profit target @1.88 giving me a profit risk / reward ratio of 1:20 Comment
Neckline well and truly broken, let the profits continueComment
I'm still very much short this pair, we have a long way to go to now the neckline of the H&S pattern has been well and truly broken, if you followed my lead, great work, you should be well into seriously fat profits by now, but don't despair, there are hundreds of pips to earn yet.Either look for a pullback to retest the neckline @1.935 or previous resistance zone @1.93
Comment
We've hit 1.91 and bounced, North of the moving average @1.9035 an opportunity to pull-back and join the trade, remember these are unlikely to be intraday trades, I don't do quick profits, I create great profits.Comment
We've hit 1.91 and bounced, North of the moving average @1.9035 an opportunity to pull-back and join the trade, remember these are unlikely to be intraday trades, I don't do quick profits, I create great profits. Comment
SELL ASAP!Trade closed: target reached
Final profits taken few thousand pips, big tradeComment
We're still active in this trade over here:
Trade closed: target reached
Final target of this trade reached. Do not sell this pair without a significant pullback or obvious move down and pullback
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.