Price is forming a head and shoulder pattern on multiple time frames,
My preferred entry is to see price attempt to break under the 4h zone towards the central daily channel support level.
Fib 0.5 is around 1.20600 and lines up with the central support and left shoulder.
Line up your confluences and only risk what you can afford to lose if you take this...
We have our main TL but also look at the secondry TL (Light Grey)
I have makred the "buy-zone" in orange.
I believe we will have a brekaout because there is a H&S on the 2H chart, but many will fail to see the secondary TL in confluence with the neck-line of the H&S.
Price trending in a bearish channel since august last year on the daily TF's
Price is clearly rejecting the resistance in confluence with the channel TL.
On the 4h chart, I believe we have a 4h consolidation box formed.
We need a breakout before looking for any entrys.
GJ - 4H
Bullish bias again, however, price is failing to break above the resistance level.
We could see another bearish push to the TL before looking for longs and a possible break of the zone on the 6th attempt.
Price is Breaking out of a wedge pattern on the lower time frames, we also have a H&S formation forming on the 4 hour
My preferred entry is to see price break out and retest the wedge pattern before taking a short order.
Line up your confluences and only risk what you can afford to lose if you take this trade.
TP somewhere around 60-65 pips to the lower support.
AudNzd formes an inverted head and shoulders, then rejected the neckline...
Price now appears to have formed a bearish triangle and could possibly break out on the 4h time Frame..
I am considering a short position if price breaks out
UsdCad's on the watchlist today,,
Break of the channel and currently re-testing,
I'm going to wait for the 4h candle close before deciding on a trade,
We have 2 target options,,
TP1 - daily ema around 90 pips
TP2 - top of the chanel (long term)
We had a barish impulsive move away from the monthly TL
Price then entered a correction period before breaking out to the downside
We then whitnessed another short correction period before another break and a bearish push to the underside of the 1h 200ema
This trade looks really good, but this is forex and anything can happen.