Looks like a head and shoulders could form here. My entry zone is between the aqua and orange baseline. Should look to see a 400pip drop if it plays out. Trade will not be active unless the prices closes in the entry zone.
The fib level further reinforces a resistance for the second shoulder to form.
Comment
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remember this isn't a head and shoulders until it breaks the neckline.
We are looking for a clear candle closure on the 4hr chart in the pink box before I would consider this an active trade.
Order cancelled
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Didn't come to anything after some interesting movement from GBP earlier today
@anwaric, let it play out. the whole point of this platform is to share ideas and watch them develop. depending on what it does in the next candles it could still be valid. Don't even think about entering till its at the 1.23 mark
BIGBANG007
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VERY MISLEADING! POOR ANALYSIS!
dc95
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@BIGBANG007, You're not very clever are you... anyone who's entered this now shouldn't be allowed a trading account.
BIGBANG007
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@ForexDoge, FLAMZY EXCUSE DOSE NOT MAKE UP FOR YOUR LOST CAUSE ANALYSIS... VALID TIMING OR NOT, IT'S A BURN!
dc95
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@BIGBANG007, hahahaha, yeah no problem. I havent entered the trade so if you have then thats your own fault for being incompetent.