EURGBP - Potential formation of a H&S
Updated
This pair have reach an important resistance area, we might see a potential of H&S formation especially when the left shoulder have been form.
We will see if this pair break the trend line, if it does, then this will confirm that the sellers are strong on this and also a potential of AB=CD formation.
So continue to play this range until we have a confirmation of the H&S by breaking the purple box highlighted.
We will see if this pair break the trend line, if it does, then this will confirm that the sellers are strong on this and also a potential of AB=CD formation.
So continue to play this range until we have a confirmation of the H&S by breaking the purple box highlighted.
Note
potential Head is forming towards the purple area, lets see if theres a bounce.If there's a bounce, look out for the right shoulder to form then go for an entry of it towards the end of the CD formation.
We should be able to get a very good R:R on this trade.
Note
Head formation have completed and looking to bounce off for the potential right shoulder.Got some pips out of the movement for the head.
Trade going well as plan and look out for selling opportunity for the right shoulder.
Note
right shoulder in the formation. Now to see if it will break above the head or its a confirm right shoulder and continuation downwards nicely as per plan.Note
Right shoulder on the way down, now take note to see if it will break the purple box area support.. if yes, H&S is completed, we are on the way all the way down.
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