Tendency: Downtrend ( )
Structure: Head & Shoulder
Observation: i. After a impulse leg, Price rise to a high ( Shoulder) and subsequently falls back to what is called the neckline.
ii. The price rises above the former high to form a Higher High (Head) and then again falls back to the original base (neckline).
iii . Price rises a third time, but to a level approximate to the first (Shoulder), before falling back to the base or neckline of the pattern again.
iv. Price below Moving Averages.
Trading Plan: SELL with a potential profit of 6,0000pips.
Potential Duration: 15 to 30 days
** Please note that Stop Loss/risk-reward ratio is subject to individual risk appetite per trade and account size.
Watch this space or channel for follow-up plan on lower time frames as price action is been monitored.
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