Get started
Rocketman

Classic Double Top, Bear Flag & 5-0 Pattern: Short NZD/USD

Short
New Zealand Dollar / U.S. Dollar (OANDA:NZDUSD)  
Rocketman Updated   
OANDA:NZDUSD   New Zealand Dollar / U.S. Dollar
Double Top or Bottom Flag 5-0 Pattern Double Top Divergence bearflagpattern
3
0
doubletoporbottom flagpattern 5-0pattern doubletop divergence bearflagpattern
Classic Double Top, Bear Flag & 5-0 Pattern lined up all-in-one. What could it signify? Am I just transposing an image onto a market that is not really a reflection of reality? Let's see.

Short NDUSD:

Reasons:
  • Classic Double Top, Bear Flag & 5-0 Pattern lined up together
  • volume confirmed the double top
  • Intermarket confirmation: It appears as though the US Dollar has found support and will rally: s3.amazonaws.com/tra...shots/2/2zTBJuLC.png
  • Inside Bars on the 8 hour chart
  • MACD Divergence

Do chart patterns work? Well, they certainly gives the trader a disciplined method for attacking the markets. Chart patterns can prevent the trader from overtrading. Certainly, if a chart pattern confirms something fundamental or if one believe it confirms something from sentiment or intermarket analysis, then go for it with proper risk management.

Comment:
US Dollar rallying:
snapshot
Capturing the swings of the stock market & currency market. It's a dirty job and equity/currency traders must do it.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.