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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.
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- Written by Stuart Edge
- Category: Project Forex and Commodities Trading
- Published: 05 November 2017