Short

SHort on NZDUSD H&S

Updated

It's starting to look weaker, making several failed attempts to get higher. Now it fell under the neckline. Stop at 0.6898 or a stop at 6915. First target is 0.685, but it will probaly drop to 0.68 but my guess is even to about 0.676/0.674

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This is why i think it will go much lower

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Long term it will probably drop to about 0.62 or even much more. But i do think it will go up first after this drop in this descending triangle (wedge). If it will do this and gets close to the 0.7, than i will take a big short position.

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I short at 0.6878

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If it drops below 0.6867 than expect that it will drop to my short term target. The last bounce of this level is with very low volume so not really meaning full

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And now it's finally dropped below the 0.6868.
next support is around the green area. Below this level i expect it to look up the bottom of the wedge. Around that area i will close my short position and i will turn to a long position.

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I got out at 0.6891, just a small loss.

It broke out that longer term wedge you can see in my first update. This small break out doesn't change anything for the long term. Just have to wait for a new signal to get in again. Probably in that red area i will short it again

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sorry wrong chart :)

botje11

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