Hello Traders!
Kam here. Fairly new to publishing ideas but this is a set up that I, myself, cannot pass up and I figured share it on TradingView. I'm seeing an Inverse Head & Shoulders setup on the 1W. We have an evening star forming this week, which means we're in for a Bearish reversal on one of the higher time frames (higher frame= higher profits, low risk, and high reward). My prediction is price will close either at or below the 95.00 level, leading to a subsequent decline in price to the 91.00 level (prime reversal confluence level, support level for the fully formed left shoulder).
My bias was determined from technical analysis by identifying a downward trend to the 91.00 level, then a re-trace to the 95.00 level, and lastly an extension to the 89.00 level. Price returned to around the 95.00 level, creating a neckline for the Inverse Head & Shoulders formation. Also, today 06/19/2018 POTUS Trump announced withdrawal from the United Nations Human Rights Council, accusing the UN of bias against Israel and hypocrisy, causing a 12-hour price decline (if you look at the DXY on the 4H time frame you will notice the Three Black Crows formation occurring today 06/19/2018.
Mind you, this is only my personal bias. I am in no way a financial professional. Always know the risk in trading and that you can potentially lose money. Use proper risk management, and always set a Stop/Loss and Take/Profit.
Kam here. Fairly new to publishing ideas but this is a set up that I, myself, cannot pass up and I figured share it on TradingView. I'm seeing an Inverse Head & Shoulders setup on the 1W. We have an evening star forming this week, which means we're in for a Bearish reversal on one of the higher time frames (higher frame= higher profits, low risk, and high reward). My prediction is price will close either at or below the 95.00 level, leading to a subsequent decline in price to the 91.00 level (prime reversal confluence level, support level for the fully formed left shoulder).
My bias was determined from technical analysis by identifying a downward trend to the 91.00 level, then a re-trace to the 95.00 level, and lastly an extension to the 89.00 level. Price returned to around the 95.00 level, creating a neckline for the Inverse Head & Shoulders formation. Also, today 06/19/2018 POTUS Trump announced withdrawal from the United Nations Human Rights Council, accusing the UN of bias against Israel and hypocrisy, causing a 12-hour price decline (if you look at the DXY on the 4H time frame you will notice the Three Black Crows formation occurring today 06/19/2018.
Mind you, this is only my personal bias. I am in no way a financial professional. Always know the risk in trading and that you can potentially lose money. Use proper risk management, and always set a Stop/Loss and Take/Profit.