- We have a 4hr candle close above the resistance zone. - Wait for a pullback and a retest of this zone. - Wait for a rejection on the 1 hour or 30 min chart. - Wait for price confirmation either an engulfing bar or pinbar. - Buy - TP1 – 111.05
- TP2 – 111.64
- (This move to the upside then would create an inverted head and shoulders pattern. Then expecting a pull back from 111.10 back to the 110.80 range to test the neckline. Will enter another position long if price action rejects the neckline and shows a confirmation candle)
The draw down to 110.03 would've killed this off slightly! Hope you managed to catch the ride up from there. Currently respecting 786 Fib and im waiting to see if this crashes here or manages to burst up closer to the 112.00.
Movali123
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for a H and S would you not suggest the shoulder line was little higher on this second wave up? thanks
Nathanp7
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@Movali123, for me as long as the right shoulder shows a higher low compared to the previous low at 109.70 the inverted head shoulders is still valid for me.
Here is an update how expect price to react now
Nathanp7
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Two scenarios
Movali123
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@Nathanp7, thanks for the response! Guess it’s working as long as this stays above 110.28 now
Nathanp7
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@Movali123, I have entered from the 30 min pin bar, nice bit of rejection there! hopefully it respects this level