USDCNH to 6.66? 😈

2 Jan 2023

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After a long run up...

the USDCNH probably found the top for a while. Price formed Head and Shoulders🤷and broke the Uptrendline and then also the Neckline @ 7.01, backtested it and got rejected. Also there is bear flag in play with target 6.686, we have just broken out of it's consolidation phase:

So in my eyes a downtrend has been established and I think there is chance for run to 6.66.

• STOPLOSS (SL): Right Shoulder @ 7.26
  
• TARGET (TP): H&S target projection @ 6.66
  
• INVALIDATION: when SL level hit
  

Check my other stuff in related ideas.

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⚠️Disclaimer: I'm not financial advisor. This is not a financial advice. Do your own due dilingence.

24 Jan 2023

Nota

Trade going well, almost no drawdown. The price just immediately dropped as rock after posting the idea. Close to the target. Check the updated chart down below:

26 Jan 2023

Nota

Yep we got that rejection from cyan downtrendline and we are bit closer to the target. Nice!