NZD Possible Daily Future Formation?
Updated
Now this may just be a big rationalization but i am curious to know what your guys thoughts are on this possible pattern.
With the dollars strong NFP data earlier today extending the price lower, the dollar also hit a large untested resistance on the daily timeframe. i am wondering if this could be a very sideways H&S in the event that the dollar rejects that daily level. The large buyside liquidity draws in the middle of structure also make me believe there could be a retracement to the upside on NZD.
This isnt a TP or SL idea, i am looking for the opinion of other fellow traders and what they may think the price action could be in the coming week.
Feedback is greatly appreciated. Kind feedback of course, Tradingview minds and ideas have turned into a battle ground over who is a moron for their idea and who is not lol.
If i am incorrect ill be waiting for that red bearish candle to blow through my computer screen and desk to then hit my toes. Lmk.
With the dollars strong NFP data earlier today extending the price lower, the dollar also hit a large untested resistance on the daily timeframe. i am wondering if this could be a very sideways H&S in the event that the dollar rejects that daily level. The large buyside liquidity draws in the middle of structure also make me believe there could be a retracement to the upside on NZD.
This isnt a TP or SL idea, i am looking for the opinion of other fellow traders and what they may think the price action could be in the coming week.
Feedback is greatly appreciated. Kind feedback of course, Tradingview minds and ideas have turned into a battle ground over who is a moron for their idea and who is not lol.
If i am incorrect ill be waiting for that red bearish candle to blow through my computer screen and desk to then hit my toes. Lmk.
Trade active
Update. If the 4H Candle takes the rest of its liquidity and closes above that latest support/resistance that is pretty visible on the 2H, i can expect price to continue to play out in the manner shown above. daily buyside LQ gets taken and possibly gets driven to that nearest daily s/r. Also with all of that, confirms my analysis of a "Sideways inverted H&S" set to liquidate the buyside.
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