Are you seeing what I'm seeing? It's H-a-S! Sell! Sell! Sell!
Of course, nothing is that easy and simple. Yes, it has formed a Head-and-Shoulders, but if this is going to be the same as EURUSD a few weeks ago, where everybody was shouting about the H-a-S formation that it was developing. In the end, it didn't quite complete it and wiped out all the SELLers.
My recommendation would be to SELL, but with a STOP slightly above the neckline, just in case it will retrace back to the neckline. Or, if entered a SELL, once you are in profit, quickly put your STOP just slightly in front of your entry.
Certainly, we have to wait for the end of this week to give us a clear confirmation that this is the formation that we are talking about. If this is correct, then we have a really strong trend line underneath, which could be tested.
Keep an eye on the price action!
Of course, nothing is that easy and simple. Yes, it has formed a Head-and-Shoulders, but if this is going to be the same as EURUSD a few weeks ago, where everybody was shouting about the H-a-S formation that it was developing. In the end, it didn't quite complete it and wiped out all the SELLers.
My recommendation would be to SELL, but with a STOP slightly above the neckline, just in case it will retrace back to the neckline. Or, if entered a SELL, once you are in profit, quickly put your STOP just slightly in front of your entry.
Certainly, we have to wait for the end of this week to give us a clear confirmation that this is the formation that we are talking about. If this is correct, then we have a really strong trend line underneath, which could be tested.
Keep an eye on the price action!