EUR/USD multi time frame analysis- Head and Shoulders
Purple Line = Weekly trendline
Red Lines/Zones = Daily SNR/Trendline
Orange Lines/Zones = 4 Hour SNR/Trendlines
EUR/USD is now on Uptrend because price break Weekly Descending Trendline which is started since 07/07/2008 and break up on 28/07/2020 and from that point EUR/USD is in uptrend.
On Daily chart we can see that there is something like Bullish Pennant chart pattern formed.
When we scroll down to 4 hour chart we can see that now formed Falling wedge chart pattern and than happen breakout, then again formed new Falling Wedge Chart Pattern and now price go near neckline of Head and Shoulders Candlestick Pattern.
After previous Falling Wedge we can see clear breakout and because market repeat itself now we can expect again breakout of this Head and Shoulders Candlestick Pattern
it doesn't matter because it's uptrend, price doesn't have the strength to go immediately up because there's plenty of resistance zones + formed this candlestick patterns and chart patterns which showing downtrend Momentum. My opinion is when see bearish candle on 4 Hour chart which close bellow neckline of Head and Shoulders candlestick pattern then should start downtrend till Weekly Support Level or above Weekly support level and then will uptrend start again
If this help you with your trading Please Like, Share and Follow that give me motivation to make another Trading Ideas
If you have some suggestion, comment or other opinion feel free to write it in comment
Wish you succesfull and consistent trading with profits!
This is not an investment advice.
"CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money."
Red Lines/Zones = Daily SNR/Trendline
Orange Lines/Zones = 4 Hour SNR/Trendlines
EUR/USD is now on Uptrend because price break Weekly Descending Trendline which is started since 07/07/2008 and break up on 28/07/2020 and from that point EUR/USD is in uptrend.
On Daily chart we can see that there is something like Bullish Pennant chart pattern formed.
When we scroll down to 4 hour chart we can see that now formed Falling wedge chart pattern and than happen breakout, then again formed new Falling Wedge Chart Pattern and now price go near neckline of Head and Shoulders Candlestick Pattern.
After previous Falling Wedge we can see clear breakout and because market repeat itself now we can expect again breakout of this Head and Shoulders Candlestick Pattern
it doesn't matter because it's uptrend, price doesn't have the strength to go immediately up because there's plenty of resistance zones + formed this candlestick patterns and chart patterns which showing downtrend Momentum. My opinion is when see bearish candle on 4 Hour chart which close bellow neckline of Head and Shoulders candlestick pattern then should start downtrend till Weekly Support Level or above Weekly support level and then will uptrend start again
If this help you with your trading Please Like, Share and Follow that give me motivation to make another Trading Ideas
If you have some suggestion, comment or other opinion feel free to write it in comment
Wish you succesfull and consistent trading with profits!
This is not an investment advice.
"CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money."