NZD/CAD Descending Triangle on Climactic Action Weekly Chart

FX:NZDCAD   New Zealand Dollar/Canadian Dollar
46 0
The NZD/CAD has been in uptrend on the weekly and monthly charts for quite some time. What we see now is a head and shoulders pattern followed by a morph into a descending triangle (additionally, on the daily chart the head and shoulders pattern that is formed there as a "subpattern within the larger pattern" has a lower right shoulder than its left shoulder after completing, implying potentially greater weakness).

One basic principle is to think about where a pattern happens not just that it happens to determine its likelihood of working. In this case the context is one implying there could be a break through the floor of the pattern (because when this pattern has shown up in the past after a long uptrend and climaxing volume on large time frames, that has happened).

By a different volume feed, the highest volume bar is actually the week of the head of the shoulder (not shown here).

-Trade only with money you can afford to lose
-Always use a stop
-It's okay to be wrong about anything
评论: Trade closed. Stop reached.

Watch for potential bat pattern/retracement near 0.98-0.99

(patterns can fail into others that succeed)
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