Not the most obvious and clear pattern here. But it does look like we might be seeing a head and shoulders most visible on the weekly chart.
Price has hit a strong resistance zone around 110.60 and has been ranging between that area and 104.60. It is a nice enough range to build a position into looking for a short and a possible break of the neckline (which I would consider with a weekly close below the trend line of the right shoulder).
I know this one is not that clean and clear, but hey, they can't all be and trading is about reading Price Action and accepting the risk of you put on your position. In what I call my 1 to 10 "edge scale" (simply put, my degree of conviction about a trade, with 10 being that impossible number on probabilities, would mean that I am 100% sure, never happens!) this one would be a a 4 or 5 for now. Let's see how it moves and what patterns it shapes.
Price has hit a strong resistance zone around 110.60 and has been ranging between that area and 104.60. It is a nice enough range to build a position into looking for a short and a possible break of the neckline (which I would consider with a weekly close below the trend line of the right shoulder).
I know this one is not that clean and clear, but hey, they can't all be and trading is about reading Price Action and accepting the risk of you put on your position. In what I call my 1 to 10 "edge scale" (simply put, my degree of conviction about a trade, with 10 being that impossible number on probabilities, would mean that I am 100% sure, never happens!) this one would be a a 4 or 5 for now. Let's see how it moves and what patterns it shapes.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.