5 min head and shoulders pattern forming.
1 hour trend is down.
The DXY is gaining strength up over 0.42% on the day (30/11/18) 17.42pm GMT.
Looking to hit Thursday's Low.
The idea is that you wait until it is expensive enough to sell, (sell into strength. Buy into weakness)
I have moved my stops on both the DXY and DJI trades. DXY in profit and some profit ...
2 Resistance lines approach.
Looks like it's forming a head and shoulders. Yet to confirm.
RSI looking like it's going to make Lowe Highs (LH).
Waiting on 2 speeches that could confirm or defer this idea.
If candle closes below previous low and RSI hits the red line. Short idea confirmed.
Risk reward ratio 3/1.
If I had taken the trade, would have made 178 pips. practicing patterns and looking at how the chart is reacting to my resistance / support lines. Wedges, triangles, channels, fib levels / retracements. A lot of planning and decision making done. No trades taken, however moving in the right direction on a technical level. I will be working for a trading desk by ...
The head and shoulders pattern that could possibly form from just a technical standpoint. I am by no means an expert on trading, I am still learning. I'm just practicing ideas and documenting them to further my understanding on chart analysis and techniques in the forex market. My goal is to find patterns to train my mind and my eyes in what to look for ...