- I see a Head & Shoulders pattern within the channel.
- I see that price has moved toward the channel but has not shown the rejection I would be interested in seeing.
- We are below the 200 EMA on the daily, significant to me.
- This is a price action play to me, if you zoom out you can see price has developed a bearish flag and I am looking for continuation of that flag.
There is a further downside to this smaller pattern and support ultimately is around 0.66746 but then I may leave a portion to run (if trade is winning) to head south to the next level of support 0.60500, a true swing trade here.
1% Risk, 1.6:1RR -Happy Trading!
Trade active
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We have broken to the downside without any complaints from price action.
Comment
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Still dropping.
Trade active
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I had 3 different positions on this trade (risk controlled). I have scaled out of 2 and leaving one to run and break even. We will see. A great trade for me this week.