Trader856

POTENTIAL SELL ON GBPUSD - HEAD AND SHOULDER PATTERN

Short
FX:GBPUSD   British Pound / U.S. Dollar
Similar to my previous analysis on EURUSD which has nearly reached its profit target, this analysis too is based on multiple time frames. On the weekly chart there is a rejection off a strong yearly price area, and on the daily a hammer candle seems to be forming. On the 4 hour time frame there is a clear H&S pattern. The reason why the potential profit is very large compared to the risk, is because usually H&S patterns go the distance of the head of the pattern. If one was to enter this trade, I would recommend only entering after a retest and rejection of the H&S pattern to definitely confirm this is a valid H&S pattern. I have also shown how I think this trade could look.

*NOT FINANCIAL ADVISE, MERELY AN OPINION*

Comments

This pattern is wrong!
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ilia1380 ilia1380
@ilia1380, lol sorry why did you post it on indexes chat 🤣🤣 I thought this is NDX 😂😂
Reply
Trader856 ilia1380
@ilia1380, lool i was so confused but no worries haha
Reply
Trader856 ilia1380
@ilia1380, and i dont know why i posted on index chat lmao
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