Once again we have a head and shoulders that offers us a potential retracement.
In my last trade short on the head and shoulders I closed my position after the support line broke because i didn't have analysis to validate a move past that.
In this trade we have a head and shoulders pattern happening at a key supply area (the one above the previous one where we had our first retracement). If a larger scale pattern holds and this supply zone can't break above the head on the head and shoulders, we could potentially see a more sizeable move to the downside. We have multiple candles closing on their lows on the right shoulder here.
-Always use a stop
-Trade only with money you can afford to lose
-Be open to multiple scenarios
-It's okay to be wrong about anything
In my last trade short on the head and shoulders I closed my position after the support line broke because i didn't have analysis to validate a move past that.
In this trade we have a head and shoulders pattern happening at a key supply area (the one above the previous one where we had our first retracement). If a larger scale pattern holds and this supply zone can't break above the head on the head and shoulders, we could potentially see a more sizeable move to the downside. We have multiple candles closing on their lows on the right shoulder here.
-Always use a stop
-Trade only with money you can afford to lose
-Be open to multiple scenarios
-It's okay to be wrong about anything
Note
Trade closed. Stop reached.This pair is currently testing a slightly higher high with a bat pattern (invalid head and shoulders morphed into a bat pattern that is). The candles could reveal a correction off that. Watch the closes.
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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.