EURCHF entry long RR1:10
We have:
1- An Accumalation ongoing for more than a week.
2- Recent drop rejected the weekly and daily major resistance.
3- RSI 8H showing divergence.
-- > IF buyers step in before we reach the previous low, we will have a H&S patern.
--> Entry should be on the BREAK of H&S neckline and previous resistrance, then bulls should step in.
--> Some gains should be secured on TP1 (Head extrapolation + EMA 200) but expecting a new bull trend to start.
Invalidation:
In case we break the previous low (Head)
Side note: H&S might have two shoulders so dont jump in the trade unless we broke both neckline AND resistance.
Happy trading
1- An Accumalation ongoing for more than a week.
2- Recent drop rejected the weekly and daily major resistance.
3- RSI 8H showing divergence.
-- > IF buyers step in before we reach the previous low, we will have a H&S patern.
--> Entry should be on the BREAK of H&S neckline and previous resistrance, then bulls should step in.
--> Some gains should be secured on TP1 (Head extrapolation + EMA 200) but expecting a new bull trend to start.
Invalidation:
In case we break the previous low (Head)
Side note: H&S might have two shoulders so dont jump in the trade unless we broke both neckline AND resistance.
Happy trading
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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.