denchwl
Short

Chart Pattern: Head and shoulders

FX_IDC:USDSGD   U.S. DOLLAR / SINGAPORE DOLLAR
30 min: Engulfing candletick
1 hour: Bullish candle could not close above the previous bearish candle.
Comment: 4 hour chart:
- 1st shoulder shows an engulfing bearish candle. It indicates trend is about to change
- at the head level, the bearish candle with a relatively long wick is formed as a result of the downward pressure from the sellers.
- the second shoulder, once again, confirmed the change in trend with a harami candle

As a whole, the head and shoulders pattern is formed
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