Hello Traders and Investors,
If you seen my previous post, it was bearish scenario. But if you read the post as well, I notated that the bearish move won't happen unless a lower low is set in. However, so far we are still making a higher lows and is setting up the head and shoulder pattern. This pattern suggest we will head to 1600-1700 as the price target. This target is right at previous support and can become a great spot to take some profits.
To trade this, I am waiting for the 1280 resistance to break on the 4 hours before entering a long.
Let me know what you think.
If you seen my previous post, it was bearish scenario. But if you read the post as well, I notated that the bearish move won't happen unless a lower low is set in. However, so far we are still making a higher lows and is setting up the head and shoulder pattern. This pattern suggest we will head to 1600-1700 as the price target. This target is right at previous support and can become a great spot to take some profits.
To trade this, I am waiting for the 1280 resistance to break on the 4 hours before entering a long.
Let me know what you think.
Trade active:
It is good to take profits now as the minimum target has been reached. These setup usually ends up falling back to the break out, which is 1280 usd.