The pair broke the medium term uptrend and formed a H&S pattern. For those who missed the initial entry on the break of the neckline, can enter the position now with half risk. Stop Loss above the last shoulder and the TP level based on the Minimum Price Objective. Furthermore, the TP level coincides with the 61.8& Fib Retracement (not present on the chart).
Note
It looks like the H&S pattern got respected and after a second return move to the neckline the price experienced an impulsive bounce from it. I am still in the trade and expect my target to be achieved sometime next week.Trade active
Have moved my initial SL level just above the recent swing higher at around 1.5265 level, to minimise my initial risk by 35%. Another retest of the neckline would end up with a potential break of it, thus the overall pattern and the trades set-up would become invalid.Trade closed: stop reached
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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.