Disliked{quote} Hi Emmanuel, any reason why you drew the trendline from there (red) and not from here (blue) {image}Ignored
Hi pips29,
I use price swings / waves to draw channel. It is a channeling technique taught by Jeffery Kennedy. I find this channeling technique suitabel when i follow the price waves and with the TDI.
You will find the explanation in the post link below.
Ultimate Technical Analysis Handbook:
Channeling technique explained in the pdf : Post#18,884
Anyway, the NZDJPY H1 is a head and shoulders chart pattern. The trend line is the 'neck line'.
Attached Image
Some of this chart patterns do fail and it is important that we have a Plan B when the H&S Plan A fails.
regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett