Head & Shoulders Pattern on GBP/USD !!
The Head & Shoulder Pattern seemed to have formed on 4 Hour, I will wait for
Retest of Neck-Line before Shorting GBP/USD.The Risk to Return ratio is 1:3. It can be a really good trade if executed correctly.
Target is chosen by Measuring the Distance between Neck-line and the Head, further the same distance is then used after Break of Neck-line to establish correct Target area.
Stop loss is set where the Price is least likely to get hit hence the 1:3 RR.
note: Do your own analysis before taking the trade.
Analysis based on;
1, Price Action
2, Chart Pattern
3, RSI - Overbought/oversold zone
4, Candle-stick Pattern
Time frames used:
1 Hour
4 Hour
The Head & Shoulder Pattern seemed to have formed on 4 Hour, I will wait for
Retest of Neck-Line before Shorting GBP/USD.The Risk to Return ratio is 1:3. It can be a really good trade if executed correctly.
Target is chosen by Measuring the Distance between Neck-line and the Head, further the same distance is then used after Break of Neck-line to establish correct Target area.
Stop loss is set where the Price is least likely to get hit hence the 1:3 RR.
note: Do your own analysis before taking the trade.
Analysis based on;
1, Price Action
2, Chart Pattern
3, RSI - Overbought/oversold zone
4, Candle-stick Pattern
Time frames used:
1 Hour
4 Hour
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.