GBP on a neckline of a Head and Shoulders formation on the 2-hour chart, just as some volatility is expected for some news coming out that might shake the market. Indicators seem to show divergence but CAUTION is mandatory now. If it breaks low keep in mind the soft resistance at 1.2338 Watch closely!
- According to autochartist database the Head and Shoulder Pattern has 81% of accuracy in it's completion. This by itself is a reason for me to enter the trade. - I expect a double bottom to be formed after the head and shoulders completion. - Double bottom is a 79% accuracy pattern so, target 2 and 3 has low chance of being hit.
FCX came up in capture in crush scan. It seems forming a head & shoulder formation. It can easily break down to $13.43 area. * Trade Criteria * Date First Found- February 16, 2017 Pattern/Why- Head & shoulder, Capturing the crush Entry Target Criteria- Break of $14.83 Exit Target Criteria- $13.43 Stop Loss Criteria- $15.33 Please check back for Trade ...
Dollar weakness in the markets have driven us down over 300 pips before finally looking as if we may see some relief. If you "look left" on this chart you'll see that current price action has made it's way down to an inside level of potential structure support which may also end up being the right shoulder in a potential head & shoulders pattern. I