Currently have this pair on my watchlist for the upcoming week. Should price continue to move downward breaking the 200 EMA, I'll enter short beetween 0.70500 and 0.69600, coincident with the head and shoulders neckline, on a doji/pin bar candlestick. I will then consider to take profit / scale out around 0.6700 in case the upward-sloping trendline will provide strong support Hope you liked the idea, wish you good luck!
Hi Alex. I agree with your idea but I believe you drew the H&S wrongly. The neckline should be a line connecting the low after the left shoulder and the low after the head.
UnknownUnicorn485324
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@TradingTechs, Hey, thank you for the tip. Although I tend to consider supports/resistances as areas, I can see how for most users this could cause confusion, like in this case. Will draw better next time, wish you good luck!