majorlee
Long

UK100 Possible Inverse H&S 1hr long setup [BTFD]

OANDA:UK100GBP   UK 100
just an idea

buying the likely dip

if price goes under 6993 then the pattern will be invalid

there is some bullish divergence growing

if it breaks the neckline we can get a probability of going further upwards in price and using the moving averages or fib levels to exit quickly and use the LT velocity indicator for the stoploss, which is that last little green dot to the left of the right shoulder

not many hours left in this market week, possible late rally here, good trades to you all
Trade active:

we came down under 6693 so it will not be a perfect set up

if made an aggressive entry on the right shoulder i would put a SL at 6990

good risk reward if it plays out still
Comment: regarding H&S (head and shoulders) setups - the right shoulder has to be higher than the left shoulder BUT this one is looking very close and pattern to form FULLY we need the price to go up to the green neckline which is also the next fib level
Trade closed: stop reached: stopped out with low loss
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