A Head and Shoulders pattern on the H4 timeframe. Price has shifted from a bullish momentum to a bearish momentum and I will be looking to ride the move down should there be a retest to resistance area. This trade warrants more than a 1:7 risk to reward ratio and I see price hitting below 129 some time next week.
Note
A sole red candle on the impulse move to the upside. This shows that market will respect the structure and price will react strongly to area mentioned. I will be looking to close all my positions when price goes below 129.
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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.