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UnknownUnicorn180388

Head & Shoulders Formation - $1.05 Short Opportunity

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Ripple (POLONIEX:XRPUSD)  
UnknownUnicorn180388 Uppdaterad   
POLONIEX:XRPUSD   Ripple
Trend Analysis Chart Patterns Technical Indicators ukforexsignals xrpusd
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trendanalysis chartpattern indicator ukforexsignals xrpusd
Currency Pair: XRP.USD
Time Frame: 4hr
Predicted Direction: Short

Live XRP.USD updates will be available in the comments section below.

The brief trade analysis presented above is my predicted direction and requires multiple different indicators and confluence factors prior to validating a trade opportunity.
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Attached below is an illustration of how i generate a H&S trade opportunity.

Head & Shoulder Trading Strategy
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Although i have identified a trade opportunity and potential trade levels, should price not meet the rules or not break the H&S then there will be no trade execution.
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Given the setup and pair i would wait for a clear close below $1.056 prior to a short opportunity.
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Breakout is now confirmed.
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Price tracked perfectly alongside ETH, i hope everyone was able to take advantage.
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Price is forming bullish RSI divergence on multiple timeframes, expect a pullback towards .96
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