Inverted H&S has completed on the H1 time frame, where the head and right shoulder has also formed a textbook version of cup and handle (Round-shape cup & not-too-deep handle).
Supporting with the piercing line pattern and just hitted 0.618 retracement on daily timeframe, I would enter the position as soon as the market opens.
(Calculation of TP and SL distance assumed insignificant gaps)
First target is inverted H&S head minus neckline, 65 pips. As the price reach this target, I would not take profit but would move the SL to 1.07405.
Second target is the previous high of the retracement in daily time frame, around 200 pips. This target is already very decent to me, but if the momentum seems nice, I may consider to continue moving SL and let it run, in hope it can reach Fib 1.236 or even 1.618.
For SL, I would set it below the right shoulder, risking 35 pips.
Supporting with the piercing line pattern and just hitted 0.618 retracement on daily timeframe, I would enter the position as soon as the market opens.
(Calculation of TP and SL distance assumed insignificant gaps)
First target is inverted H&S head minus neckline, 65 pips. As the price reach this target, I would not take profit but would move the SL to 1.07405.
Second target is the previous high of the retracement in daily time frame, around 200 pips. This target is already very decent to me, but if the momentum seems nice, I may consider to continue moving SL and let it run, in hope it can reach Fib 1.236 or even 1.618.
For SL, I would set it below the right shoulder, risking 35 pips.