GBPAUD - Head and Shoulders Pattern Confirmed, Get Ready
Greetings Fellow Traders,
I posted just a few days ago about a key technical level on GBPAUD for a short opportunity that could lead to a Head and Shoulders Pattern confirmation. At the end of Tuesday's trading candle the market confirmed the break by closing well over 100 pips below the neck line.
As with all very significant breaks of support and resistance we are looking to gain an optimal entry on this position by waiting for the market to retest the significant level. Patience is key.
Head and Shoulders Patterns typically have a measured objective that equals the distance from the neck line to the top of the 'head'
Trade Opportunity:
Sell Limit 2.06800 or Manual Entry
Stop Loss 2.10000
Target Profit 1: 2.0250
Target Profit 2: 1.9750
Target Profit 3: 1.9250
Additional Details:
The market needs to respect the neck line that has been identified, look for a daily close ABOVE 2.0740 to negate this pattern. It is perfectly acceptable for the market to spike into this territory but CLOSE lower. The CLOSE of the daily candle is the significant factor.
Please do your own analysis before entering a trade. If you like what you see feel free to comment, follow or "like"
I posted just a few days ago about a key technical level on GBPAUD for a short opportunity that could lead to a Head and Shoulders Pattern confirmation. At the end of Tuesday's trading candle the market confirmed the break by closing well over 100 pips below the neck line.
As with all very significant breaks of support and resistance we are looking to gain an optimal entry on this position by waiting for the market to retest the significant level. Patience is key.
Head and Shoulders Patterns typically have a measured objective that equals the distance from the neck line to the top of the 'head'
Trade Opportunity:
Sell Limit 2.06800 or Manual Entry
Stop Loss 2.10000
Target Profit 1: 2.0250
Target Profit 2: 1.9750
Target Profit 3: 1.9250
Additional Details:
The market needs to respect the neck line that has been identified, look for a daily close ABOVE 2.0740 to negate this pattern. It is perfectly acceptable for the market to spike into this territory but CLOSE lower. The CLOSE of the daily candle is the significant factor.
Please do your own analysis before entering a trade. If you like what you see feel free to comment, follow or "like"
Zlecenie aktywne:
Stay safe during NFP everyone - Remember Candle Closes are more important then reactionary movements.
