USDCNH to 6.66? 😈
Updated
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After a long run up...
the USDCNH probably found the top for a while. Price formed Head and Shoulders🤷and broke the Uptrendline and then also the Neckline @ 7.01, backtested it and got rejected. Also there is bear flag in play with target 6.686, we have just broken out of it's consolidation phase:
So in my eyes a downtrend has been established and I think there is chance for run to 6.66.
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⚠️Disclaimer: I'm not financial advisor. This is not a financial advice. Do your own due dilingence.
After a long run up...
So in my eyes a downtrend has been established and I think there is chance for run to 6.66.
- STOPLOSS (SL): Right Shoulder @ 7.26
- TARGET (TP): H&S target projection @ 6.66
- INVALIDATION: when SL level hit
Check my other stuff in related ideas.
Please boost🚀, comment🗣️, follow me✒️, enjoy📺!
⚠️Disclaimer: I'm not financial advisor. This is not a financial advice. Do your own due dilingence.
Note
Trade going well, almost no drawdown. The price just immediately dropped as rock after posting the idea. Close to the target. Check the updated chart down below: Note
Yep we got that rejection from cyan downtrendline and we are bit closer to the target. Nice!
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