We currently have what seems to be a Head And Shoulder pattern formation.
So based on that, we are planning on selling this pair.
BUT we need it to break below the neckline before we can CONFIRM a sell.
Alternatively, if you wanna play it safe, you can wait for a 'break & retest' of the neckline, which will give further confirmation of a downside move.
As you can see, our target is the size of the actual pattern (the head) and ofcourse we have our Stop Loss in place just in case we turn out to be wrong about this trade opportunity.
One more thing, the overall trend is bearish on the bigger timeframes,which further confirms the continuation of the bearish movement.
As always, remember to practice always practice proper risk management.
This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves RISK.
Happy trading!
So based on that, we are planning on selling this pair.
BUT we need it to break below the neckline before we can CONFIRM a sell.
Alternatively, if you wanna play it safe, you can wait for a 'break & retest' of the neckline, which will give further confirmation of a downside move.
As you can see, our target is the size of the actual pattern (the head) and ofcourse we have our Stop Loss in place just in case we turn out to be wrong about this trade opportunity.
One more thing, the overall trend is bearish on the bigger timeframes,which further confirms the continuation of the bearish movement.
As always, remember to practice always practice proper risk management.
This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves RISK.
Happy trading!