NZDUSD head and shoulder

2 december 2015


forex pattern head and shoulder



i found bullish head and shoulder pattern on nzdusd .


my wave count on higher degree shows that the wave are in wave 2 correction.while in smaller degree of wave.the 

double zigzag correction was completed.the price failed to find its lower low and break it previous high make my justification on the trend reversal.


the head and shoulder pattern strengthened my decision on the trend reversal.while the rsi divergence also make the strong confluence on the trend reversal.


buy at the retracement level of support area at 0.6605 will be good idea.target profit will be on the resistance area of 0.6880.stop loss i put few pips lower than the previous low. i use 1 to 2 risk to reward ratio for this entry.


good luck!!happy forex trading!!



disclaimer
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this forex trading idea was published for the purpose of study only. all the risk taking are at your own responsibility.
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pasifincome forex

A forex trader who enjoy doing forex naked chart and make profit with forex expert advisor.Also enjoy to socialize with other forex trader in the world.