I'm showing the entire top-down analysis for this pair, and how I'll be trading it for the next week or so. On the Daily, we have a Head and Shoulders pattern that isn't exactly optimal in my book because it is slanted downward. If you look at the channel that I have drawn, you can see that the angle and height of the right shoulder is still in alignment, making it valid enough to consider as my long-term directional hypothesis.
Moving down to the 4H chart shows that price is near the top of the channel -- and right shoulder -- and has now formed a wedge at that level, which I will use as my entry moving down to the bottom area of the channel. The Blue horizontal line at 1.17000 is our major structure level, and a good place to use as an entry in the wedge.
I will be updating this idea as things progress and will probably take several trades on the way down. I'm not the type of trader to ride a 400 pip move from start to finish because my high timeframe analysis is only a foundation for trades that may or may not happen during that large move. Do your own analysis, make your own decisions, but thank you for considering mine and leave a like if you want more.
Moving down to the 4H chart shows that price is near the top of the channel -- and right shoulder -- and has now formed a wedge at that level, which I will use as my entry moving down to the bottom area of the channel. The Blue horizontal line at 1.17000 is our major structure level, and a good place to use as an entry in the wedge.
I will be updating this idea as things progress and will probably take several trades on the way down. I'm not the type of trader to ride a 400 pip move from start to finish because my high timeframe analysis is only a foundation for trades that may or may not happen during that large move. Do your own analysis, make your own decisions, but thank you for considering mine and leave a like if you want more.