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Neckline

USD/CAD - FALSE BREAK AND A DOUBLE BOTTOM TRIGGERED FX:USDCAD After testing the the original breakout low at 1.3030 the rate turned around and rallied back inside the previously broken rising channel thus creating a small double bottom formation. It has also broken the short term falling trendline resistance, therefore my immediate bias is now higher. I will be waiting for a pullback towards the broken double bottom neckline at 1.3175 to confirm the channel support is holding once again to target a possible move towards the channel resistance around 1.3570. A break back below the neckline would invalidate my immediate bullish bias, however, only a daily close below yesterday's lows would turn me bearish on the pair again.
Long
by TradeItSimple
(Daily) Double Top // Neck // Previous Structure at 38% // 2618FX:CADJPY We have the 1h Bullish Shark forged at structure above the neck, it the price rejects the neck as i am expecting, it can build a 5 waves structure inside this structure as an eventual ABCDE pattern, or a rally into a new higher high, higher close ;) The Bullish Bat can be forged at confluence between fibs at 88% retracement and also the 38% major fib; 4h Sharks below the neck between the 86.00$ and 85.00$ (search 1h published Shark comments for the picture)
Long
by Andre_Cardoso
3
NZD/USD TESTING THE BROKEN CHANNEL SUPPORT AS THE NEW RESISTANCEFX:NZDUSD The rate is currently testing the former broken falling channel support as the new resistance. I am looking for a strong rejection lower to enter new short position on the larger head and shoulders pattern trade idea . I would like to see a bit deeper retracement higher for the rate to test the neckline of the head and shoulders pattern around 0.6960 or even the former broken rising channel support as the new resistance around 0.7050, however, as mentioned before - a bounce lower from the former channel support could work as an entry for a smaller short position.
Short
by TradeItSimple
SHORT 2017 predictions on Crosses - AUD/NZDFX:AUDNZD Currently trading within a contracting range, so we’ll get get some kind of resolution quite soon. I am bit more bullish here, because of these two head and shoulders patterns. I am looking for a break above 1.0800 to trigger the smaller one, which is also important because of the major falling trendline, for a move towards the neckline of the larger head and shoulders at around 1.1300 and if we get a break there – target the 61.8% breakout target which is also former broken support area around 1.2100 For full 2017 predictions on crosses click here
Long
by TradeItSimple
NZDCAD Daily Triple Top w/ Slanted Neckline3 times price on this pair retested the resistance zone surrounding 0.96 seen above. The first time price reacted bearishly (the first top), however it did not go far down as it did previously (see 2015-12-29 date on chart). The second time price broke above the zone but then fell some - forming a second top and then going down to make a higher low. Then again, the third time it formed ANOTHER higher high and is currently going down from that. The fact that there has not been a lower high followed by a lower low suggests that this pair is technically still up trending. This is key, however, because that means that we can get a position in on time. The white support trendline is in fact the formation neckline. Price will definitely head to the TL next week, and then maybe to the 0.9290 area. We must wait for a lower low and then for a lower high to short this pair, or at least I am, you do what you like.
Short
by MtxTrader
USDCAD: Key Levels to Watch for Potential EntryMornin' traders! There are a couple of key levels to watch here on USDCAD. The most important of which to me is the 1.284 area. Before taking a long position I want to see price close the weekend gap and touch the unhit daily pivot for Friday. Since a higher low was created from a bullish impulse, I will be looking for bullish price action (pinbars, engulfing candles, signs of rejection) at this level toward the neckline and possibly further if the H&S pattern remains valid. Until then, I'll be by the sidelines watching. Happy Trading!
Long
by glennmercer