Reversal pattern being formed here as price made a false breakout of key level support at the 0.70000 region. Will watch price to rebound off the neckline to create a right shoulder where I will look to take an entry with a great Risk/Reward ratio setup.
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Daily timeframe: Price failed to break support for the past 2 days, & today has formed a doji candlestick at support, where a reversal can occur.
I've been watching the same thing. Thanks for the help! I'm still trying to master trading this. Do you just wait for a close when the neckline breaks on a certain time frame? Thanks. SL under the right shoulder right?
Profound_Ambition
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@ZenTrader007, you’re welcome! I will wait for rejection candle at the right shoulder for entry. SL below the daily candle wick.
ZenTrader007
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@eazywayout, Nice thanks! I'm a big fan of Ichimoku, and I see the 30 min chart using it had a cloud break trade as the neckline breaks. Normally you wait for a close above the cloud to get in the trade. I think I will give that a try. I'm trying to go for a conservative trading style. Good luck!