Shorting final leg of (possible) H&S pattern
As the title states, shorting the last part of what looks like a H&S pattern that is about to get completed (if 1.44 holds).
Aiming for at least neckline of (possible) H&S at 1.4065 with stop right above supply zone, 1.4410. Entry at 1.4380 - 1.4370.
Other elements to support this short are:
If price indeed moves lower and tries to complete the H&S pattern possible continuation of short till 1.36.
Aiming for at least neckline of (possible) H&S at 1.4065 with stop right above supply zone, 1.4410. Entry at 1.4380 - 1.4370.
Other elements to support this short are:
- Hidden bearish divergence on both MACD and RSI on 4H TF;
- Both MACD and RSI oversold also on 4H TF;
- Supply zone at current area (1.4380)
If price indeed moves lower and tries to complete the H&S pattern possible continuation of short till 1.36.
Komentarz:
Price went to test the neckline but didn't break lower. It in fact bounced very neatly off of it. Stop was pretty tight but if you could manage a bit bigger risk, this was a good trade.
