Project Forex and Commodities Trading

Drilling down to the H4 shows a reverse head and shoulders inside a pennant / ascending triangle at the horizontal weekly resistance. H4 shows a Crab pattern based around the H & S pattern. Repeated rejection of the daily trendline. Looking for H4 bullish close above 114.443 level to show commitment to the upside.

Targets set at T1 115.369, follwed by a pullback to test support at 114.433 (38.2% fib) then onto T2 at 116.

Potential problems showing bearish:

• At a strong Weekly downward trendline (only tested once)
• Daily close was spinning to after hammer.

UPDATE:

*** Order was closed at breakeven ***

I believe the situation has changed after the spike up. I'm seeing a change to a sell setup. Waiting to see what happens.