Market Distribution:
The market created a head and shoulder pattern after a strong rally upward.
I saw a bearish engulfing on right shoulder on the 4 hrs time frame and took my
entry.
Stop lose on top of the high of the candle and entry on the low of the candle.
( As price tends to hit the low of the engulfing candle or 50%. )
Target:
The length of the head and the shoulder is the target that the price will reach and that was
perfect because there is a zone there for extra confirmation.
Good win trade.
The market created a head and shoulder pattern after a strong rally upward.
I saw a bearish engulfing on right shoulder on the 4 hrs time frame and took my
entry.
Stop lose on top of the high of the candle and entry on the low of the candle.
( As price tends to hit the low of the engulfing candle or 50%. )
Target:
The length of the head and the shoulder is the target that the price will reach and that was
perfect because there is a zone there for extra confirmation.
Good win trade.