We can see the formation of the head and shoulders pattern on the daily timeframe, first of all we look for a break of the neckline at the 100 % fib before forming the right shoulder. This confirms a lower low has occurred increasing the chances of a downward trend occurring.
We would then look to enter 2 positions both with a target of 1:2 R:R.
The first position would be taken at the top of the right shoulder 50% with SL at 0 % fib. Take profit of full or partial position should be as shown.
The second position we would look to enter at at break of the 100% fib with Sl at 50% fib .Take profit of full or partial position should be as shown.
Not financial advice.
We would then look to enter 2 positions both with a target of 1:2 R:R.
The first position would be taken at the top of the right shoulder 50% with SL at 0 % fib. Take profit of full or partial position should be as shown.
The second position we would look to enter at at break of the 100% fib with Sl at 50% fib .Take profit of full or partial position should be as shown.
Not financial advice.