In this video update, we take a look at USDSGD and how the trade posted in our telegram is progressing.
If the daily chart closes higher we can look for short term trades going forward on the 1hr chart.
Wait for the daily close to look for pullbacks on to structure highs.
The pair is trading on a 4H Inverse Head and Shoulders (RSI = 52.384, Highs/Lows = 0.0000). The rejection near 1.36160 was strong and is a sign that the patterns aims at completing the Right Shoulder. Our TP is 1.35055.
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Bearish Sell Zone falls within the Bearish Shark Pattern and let say if head and shoulders form up, the long completed back into the sell zone.
The Hollywood of trading will be short all the way to right shoulder and long it up to Bearish Shark and short it back down again.
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The USDSGD has broken out of the possibility of a wedge formation. Sellers to the bottom of the wedge who had held on to their shorts should look to taking profit, and beware of the potential of an ABCD pattern.
Interested buyers can look for a long if the price bounces at the D portion of the pattern. But wait for confirmation, for the pattern could be...