Participant

We have a bearish signal on NZD/USD, the price has broke down the lower median line of the ascending pitchfork. The price could come to test the broken line and then to decline with target at 0.7449 or even lower. This decline is due to GOLD price decrease from this week.

Is important that the price will test the lower median line and then to resume the downward movement because this can be only a false breakout.

NZD/USD

 
Participant

How does it come out to be bearish with this signal? Where can i learn about pitchfork?

 
Participant

I relied on the fact that the price wasn’t able to reach the median line of the ascending pitchfork and I’ve also bet that the GOLD will decrease further. The price has tested the lower median line, now is moving sideways with a bearish outlook.

If you want to learn how to use the pitchfork trading tool you can find many resources on the web.

You must be logged in to reply to this topic.