Classic head and should formed during a downward breakout of the 86% regression channel from 7 Aug to 28 Oct 2019. I want to see if the PA respects the resistance trendline from the right side of the head and shoulders. If so, we may see a DT firming up. The head of the H&S is also a triple test at 0.76349 on 4 Feb 2019 and 23 April 2019.
Sorry for the teeny tiny chart – I am working on my laptop. I would have shown this on the 4H chart where I usually trade. Although the 1D chart shows the RSI break of the trendline (in black) pretty well.
Sorry for the teeny tiny chart – I am working on my laptop. I would have shown this on the 4H chart where I usually trade. Although the 1D chart shows the RSI break of the trendline (in black) pretty well.
Comment:
Still looking good. New LL confirmed. PA at trendline. Looking for a break on the RSI to enter the trade.
Trade active: