The formation of a head and shoulders pattern on a small timeframe,
It is evident that this pattern is taking shape as a substantial price reversal after the price bounced at the key point of 0.56
For taking profit, it can be executed when the price touches the trend line. For confirmation,
you can wait for a price break and perform a retest at the nearest higher low.
Stop Loss (SL): 0.56825 (22.5 pips)
Take Profit (TP): 0.57950
Risk-Reward Ratio (R:R): 1:4
It is evident that this pattern is taking shape as a substantial price reversal after the price bounced at the key point of 0.56
For taking profit, it can be executed when the price touches the trend line. For confirmation,
you can wait for a price break and perform a retest at the nearest higher low.
Stop Loss (SL): 0.56825 (22.5 pips)
Take Profit (TP): 0.57950
Risk-Reward Ratio (R:R): 1:4
Comment:
Kindly wait; we will enter a trade when the price breaks the higher low of the previous price and can wait for a retest as a confirmation