Chart pattern observed: Inverted . Saw it like in a second. Now the Left Shoulder and Head has been formed, now for the Right Shoulder to be formed. This is a slow moving pair but pays out well. This will take a very long time to play out. But patience pays. Price is pushing from demand on the weekly.
From the , we see price has touched 5 times so we should expect a break soon but be prepared if it doesn't.
This is the weekly chart and resistance had seen 5 touches by price.
Normally, when trading any SHS pattern, you wait for the break of the neckline and retest then you enter the trade. But price is at a good spot to open a position and wait for months.
Apply proper risk management if you wish to take the trade. This trade will pay!
If you haven't tried a swing trade before, try it and test your patience. You are looking at a risk:reward of 1:8.
And once TP is hit, price should fall very quickly because this would be a big weekly . And how we know it is strong is because of how many times it has fallen from that level above!!
We are up 80 pips right now. Put SL 20 pips in profit on market open and hold.
This will be a long one.
Enjoy the weekend!
Keep holding, we are swinging this long term!!