_VincentP_
Short

Shorting final leg of (possible) H&S pattern

FX:GBPUSD   British Pound/U.S. Dollar
8 months ago
As the title states, shorting the last part of what looks like a H&S pattern that is about to get completed (if 1.44 holds).
Aiming for at least neckline of (possible) H&S at 1.4065 with stop right above supply zone, 1. 4410             . Entry at 1.4380 - 1.4370.

Other elements to support this short are:
  • Hidden bearish divergence on both MACD and RSI on 4H TF;
  • Both MACD and RSI oversold also on 4H TF;
  • Supply zone at current area (1.4380)

If price indeed moves lower and tries to complete the H&S pattern possible continuation of short till 1.36.
8 months ago
Comment: Price went to test the neckline but didn't break lower. It in fact bounced very neatly off of it. Stop was pretty tight but if you could manage a bit bigger risk, this was a good trade.
Marvin
8 months ago
Nice trade man, well done
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