Head and shoulders break , although it failed its retest it hasn't yet broken the previous high.
The 3 boxes on the chart are areas based on Fibonacci retracement of 0.5-0.618 which are all overlapping with previous support/resistance.
with a double top on the 5 minute chart baring divergence to go with it;
A nice engulfing candle on the hour chart.
This entry is shy of the overlapping area based on the Fibonacci, however it looks as though it may react now, be careful and if needs be wait for the break of the neckline a second time!
stop loss is placed based on the assumption this is the new structure high.
Take profits is based on previous structure. Happy trading!!
Any questions or ideas go ahead and leave me a comment:)
The 3 boxes on the chart are areas based on Fibonacci retracement of 0.5-0.618 which are all overlapping with previous support/resistance.
with a double top on the 5 minute chart baring divergence to go with it;
A nice engulfing candle on the hour chart.
This entry is shy of the overlapping area based on the Fibonacci, however it looks as though it may react now, be careful and if needs be wait for the break of the neckline a second time!
stop loss is placed based on the assumption this is the new structure high.
Take profits is based on previous structure. Happy trading!!
Any questions or ideas go ahead and leave me a comment:)
Comment:
Price has made a triple top all with divergence on the hourly chart. On the current top the one hour candles have created some nice last gasp wicks to push higher, also with nice momentum losing curve so this could be the moment we see the market turn before the upcoming news
Comment:
A inverted head and shoulders pattern has just completed for for where standard profits for this pattern would be so more reason for this pair to begin its decline but as always the market has a mind of its own
Trade closed: stop reached
Expecting price to drop nicely from now, fingers crossed