Based on chart analysis, we can tell that GBPUSD on 1 Hour time frame has been experiencing downtrend with several sequence lower high & low.
However, recent swings suggests that sellers are not willing to sell this pair lower. Which enables left shoulder of the pattern to act as support for the right shoulder; giving us a potential textbook H&S pattern. This is also followed by strong buying on the head side of this pattern formation indicating some bullish strength.
What I'm looking for here is to enter the breakout of the consolidation period since weekly opening; 11th Feb 2019.
Limit Order:
Entry - 1.2950
Stops - 1.2900
1st Target - 1.3040
2nd Target - TBD based on price action
PS: Please remember to practice proper risk/money management in trading!
If right shoulder is violated, this trade opportunity is no longer valid.
Cheers.
However, recent swings suggests that sellers are not willing to sell this pair lower. Which enables left shoulder of the pattern to act as support for the right shoulder; giving us a potential textbook H&S pattern. This is also followed by strong buying on the head side of this pattern formation indicating some bullish strength.
What I'm looking for here is to enter the breakout of the consolidation period since weekly opening; 11th Feb 2019.
Limit Order:
Entry - 1.2950
Stops - 1.2900
1st Target - 1.3040
2nd Target - TBD based on price action
PS: Please remember to practice proper risk/money management in trading!
If right shoulder is violated, this trade opportunity is no longer valid.
Cheers.
Order cancelled:
Limit order was not triggered & right shoulders violated. This setup is now officially invalid :)