from my side (cause I do see it happening again and again), a little reminder of how Head & Shoulders is looking like and how you should draw it. Too often misused and misunderstood, I don´t wonder why most of the trader´s or technical analyst youngsters are not successfull trying to trade this. The same rules apply to an inverted Head & Shoulders....
After yesterdays news/non-news which we call the FOMC statement. We've seen some of the USD pairs push lower. The push lower on the EURUSD as allowed price to complete what is called a Bullish Cypher Pattern
PRICE seems to be in a descending channel correction phase from the uptrend and we should be seeing a continuation phase. i think price will break the current low established and then to continue. price has reached my required level of demand that i hope will push price right back up. i am awaiting price action confirmation to start going long.
Currently, the pattern shows we are in Level 1, after being confirmed with a break 0.46 USD Cents zone, and is now consolidating before moving upwards towards the next Peak at 0.48 Cents USD.
There is a possibility that price action might continue to consolidate downwards towards the KETCHUP (13 EMA), however, if it does that, it will most likely PIN...
Perfect AB=CD pattern completed. Market is at a well respected structure level. "Double Bottom" in the support level is confirmed the trade.
BUY Opportunity available now.
100 pips profit potential
20 pips risk
Reward/Risk = 5
The double top pattern on the daily chart of GBP/JPY offers a bearish breakout trading opportunity. The tops and the neckline are marked with the yellow lines. My potential entry level is at the cyan line. My potential take-profit level is marked with the green line. Stop-loss is to be set to the high of the breakout bar (not shown on the chart).