ANALYSIS
-------------------
IM SEEING A HEAD AND SHOULDERS PATTERN ON USDCHF DAILY TIME FRAME. WILL IT WORK OUT? WELL, CONVENTIONAL CHART PATTERNS HAVE A NOTORIOUS REPUTATION FOR NOT PLAYING NICE. BUT HEY, WE TRADE WHAT WE SEE, NOT WHAT WE FEEL.
RISK REWARD IS GOOD.
CONFLUENCE
--------------------
- THE LOWER HIGH + LOWER LOW SEQUENCE WAS BROKEN AS PRICE CLOSED ABOVE THE PREVIOUS LOWER HIGH. WHICH MAY INDICATE A CHANGE IN TREND FROM BEARISH TO BULLISH.
- THE NECK OF THE HEAD AND SHOULDERS PATTERN FALLS DIRECTLY ON THE 61.8% FIB RETRACEMENT LEVEL
- HIGHER TIMEFRAME BIAS IS ALWAYS MORE FAVOURABLE. SO THE PATTERN OCCURRING ON A TIMEFRAME SUCH AS THE DAILY IS A PLUS
PLAN OF ACTION
-------------------------
- TAKE BUYS ON THE NECK OF THE HEAD AND SHOULDERS
- PUT STOP LOSS AT THE 78.6% FIBONACCI RETRACEMENT LEVEL
- TAKE PROFIT WILL BE AT THE DISTANCE EQUAL TO THE DISTANCE FROM THE HEAD TO NECK
===============
WOULD LOVE TO HEAR WHT YOU GUYS THINK.....
PLEASE LEAVE A LIKE & COMMENT. POSITIVE OR NEGATIVE ALL WELCOME!!
-------------------
IM SEEING A HEAD AND SHOULDERS PATTERN ON USDCHF DAILY TIME FRAME. WILL IT WORK OUT? WELL, CONVENTIONAL CHART PATTERNS HAVE A NOTORIOUS REPUTATION FOR NOT PLAYING NICE. BUT HEY, WE TRADE WHAT WE SEE, NOT WHAT WE FEEL.
RISK REWARD IS GOOD.
CONFLUENCE
--------------------
- THE LOWER HIGH + LOWER LOW SEQUENCE WAS BROKEN AS PRICE CLOSED ABOVE THE PREVIOUS LOWER HIGH. WHICH MAY INDICATE A CHANGE IN TREND FROM BEARISH TO BULLISH.
- THE NECK OF THE HEAD AND SHOULDERS PATTERN FALLS DIRECTLY ON THE 61.8% FIB RETRACEMENT LEVEL
- HIGHER TIMEFRAME BIAS IS ALWAYS MORE FAVOURABLE. SO THE PATTERN OCCURRING ON A TIMEFRAME SUCH AS THE DAILY IS A PLUS
PLAN OF ACTION
-------------------------
- TAKE BUYS ON THE NECK OF THE HEAD AND SHOULDERS
- PUT STOP LOSS AT THE 78.6% FIBONACCI RETRACEMENT LEVEL
- TAKE PROFIT WILL BE AT THE DISTANCE EQUAL TO THE DISTANCE FROM THE HEAD TO NECK
===============
WOULD LOVE TO HEAR WHT YOU GUYS THINK.....
PLEASE LEAVE A LIKE & COMMENT. POSITIVE OR NEGATIVE ALL WELCOME!!
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.
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.