We can see that the pair has broken through a trendline that dates back from the 1st of June 2017 and is now consolidating, which makes me think that it will be retesting the broken trendline and that is where I will be looking for long opportunities. So Scenario 1 is that the pair will keep going upwards some more.
Now Scenario 2 which is also a possibility, is that we could have gotten faked out right now and that the price will shoot back down although I do find that unlikely it could happen and in that case I would be looking for a for short opportunities down until the point of formation of the right shoulder from a H&S pattern.
Trade safe and do your own due diligence before entering a trade.
For further insights join me at:
http://www.valuedbusinessconsulting.com/
Now Scenario 2 which is also a possibility, is that we could have gotten faked out right now and that the price will shoot back down although I do find that unlikely it could happen and in that case I would be looking for a for short opportunities down until the point of formation of the right shoulder from a H&S pattern.
Trade safe and do your own due diligence before entering a trade.
For further insights join me at:
http://www.valuedbusinessconsulting.com/
Trade closed: stop reached
Trade closed manually:
@ 1.4827
headed for the right shoulder formation