USDTRY potential H&S

Updated

Uptrend on the right broke and the one on the left as well. It is around the breakout zone now which can be a resistance level and there is a chance to see an H&S getting completed here. Since the right shoulder got high, it needs to drop fast to become reliable. So i good risk reward here which i am going to give a try with a small size here and will make it normal when the neckline breaks.

Previous analysis:

USDTRY Target double bottom reached, whats next.

Note

The H&S played out nicely, broke the neckline and have been testing it as resistance a few times now. We should continue to drop again on Monday, otherwise it could break the neckline upwards again. On the left we can see it's a potential support zone as well. So if it breaks, it could even drop more than the H&S target.

I am moving stop to above the red zone ensuring at least a bit of profit. So risking some profit because there is still some big potential here.

botje11

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