HumphreyNR

POSSIBLE HEAD & SHOULDER?

FX:GBPCHF   British Pound/Swiss Franc
42 0 4
H&S on GBPCHF             on the 1H & 4H charts at almost the same levels of H&S formed in March.
1. H&S was formed on the same support zone as in March
2. Price is on the upward trendline
3. RSI oversold

*If it fails to break the support and trendline levels, I would look for a continuation of our uptrend trade.

*If it breaks the support and trendline down, I will wait for a retest of the support (then resistance) zone.
Then I would look for sell set up (and taking the profits on our existing Long trade).

Trade with a tested strategy.
Trade active: Sell limit triggered by the pull back @ 1.4040
*SL @ 1.4145
*TP1 @ 1.3920 (0.382 retracement)
*TP2 @ 1.3820 (0.5 retracement)
*TP3 @ 1.3730 (0.618 retracement, and previous support and resistance zones)

Trade with care.
Comment: +120 pips. Part of trade has been closed. Other part has been set to break even.
Comment: Other part of trade closed at break-even.
Looking to re-enter a short again due to price rejection at the shoulder line and RSI overbought on 4H.

Have a great week.
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