Stop below the previous swing low
Target at the previous swing high.
In hindsight, this formation does appear to look like a head and shoulders. I'm going with the idea that the higher time frame is still in an uptrend as indicated by the trend line.
Buying support coming in.
Two possible ways to play the long side:
1) Wait for hammer to confirm and buy above the highs of the hammer with stop below wick and target the swing highs.
2) Wait for a retest of the trend line and buy when price action confirms. Stop below the previous swing.
Criteria selection: Pair started to print higher highs and higher lows on 4H time frame.
Trade entry description:
I wanted to enter the on a pullback closer to the .78187 zone.
Originally I had a buy limit placed in the .78187 area, the buy limit did not trigger.
My decision enter the pair was after it had ...