NZDCAD (S) 4 HR H&S - TRENDCHANGE
Updated
The previous NZDCAD short trade I took, closed me out for roughly 0.33 %
The way I'm currently reading that chart is:
4 hr pulled to create lower low and then pulled up to create lower high at .618 fib & 0.890 intraday S/R
This would be the next lower high formed after the head and shoulders pattern pointed out on the chart.
Price on both 1 hr and 4 hr is sitting above the 50 emas, which is a negative confluence. But taking out the emas and focusing only on the price action and support resistance. We see price printing lower lows and lower highs, respecting support / resistance levels.
On the 5 & 15 min chart we have a phase line break, indicating this could be the start of momentum to the downside.
Time will tell how this trade idea plays out.
If we can now break the 4hr 50 ema then we could see a strong move to the downside
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** DISCLAIMER* The content on this analysis is subject to change at any time without notice and is provided for the sole purpose of assisting individuals to make independent trading decisions. Trading can be risky, make sure to use proper risk management!!
The analysis given out reflects my personal ideas and does not mean I personally take the trade, my preferred entry may never actually present itself.
___________________________________
The way I'm currently reading that chart is:
4 hr pulled to create lower low and then pulled up to create lower high at .618 fib & 0.890 intraday S/R
This would be the next lower high formed after the head and shoulders pattern pointed out on the chart.
Price on both 1 hr and 4 hr is sitting above the 50 emas, which is a negative confluence. But taking out the emas and focusing only on the price action and support resistance. We see price printing lower lows and lower highs, respecting support / resistance levels.
On the 5 & 15 min chart we have a phase line break, indicating this could be the start of momentum to the downside.
Time will tell how this trade idea plays out.
If we can now break the 4hr 50 ema then we could see a strong move to the downside
___________________________________
** DISCLAIMER* The content on this analysis is subject to change at any time without notice and is provided for the sole purpose of assisting individuals to make independent trading decisions. Trading can be risky, make sure to use proper risk management!!
The analysis given out reflects my personal ideas and does not mean I personally take the trade, my preferred entry may never actually present itself.
___________________________________
Note
Trade ended up taking me out for -1.0 %
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