Here we have a possible head and shoulders pattern forming on the H4 charts. The long wicked bullish candle on the right shoulder shows how price attempted to climb but struggled to even get past the left shoulder's high. Ultimately it formed a shooting star which is a good indication of a price reversal. A SELL order can be placed when the market opens providing the opening price is lower than 1.1315 and a stop loss just above the high of the right shoulder should be placed. As always, MANAGE YOUR RISK!! Control your lot size so a stop loss hit will only depreciate your total account size by 1%. Follow me to receive my notifications! Have a good weekend!
Trade closed: stop reached:
Didn't play out as expected but it's okay, not every trade is a winner. Only 1% down because of good risk management. Keep an eye out for bearish price action activity at the left shoulder price. Have a good trading week!