NZD/USD: Looking bearish
Daily TF:
Daily TF:
- We can see that a H&S formation has formed
- I had a previous trade on shorting this pair but I exited with a profit! banked pips baby!!
- I wanted to see if price broke and retraced back to the neckline and respected that resistance level before re-entering the trade (which it has) based on the H&S potential downwards drop
H4 TF:
- We can see in closer detail that price broke the neckline with increased volume
- At this point price had respected the neckline numerous times and then retraced upwards (MMs getting higher better prices for their shorts)
- Price has since gone back down to below the neckline on lowered trading
H1 TF:
- higher volume trading occurs after price is pumped up above the neckline. Possibly loading up shorts??