So as you can see the chart,It is forming H&S for a long time in weekly chart and in DAILY chart the 3 MAs are having PERFECT ORDER of downtrend which is normally trustworthy as the sign of bearish.
Nice for shorters,this rebound has been stopped at 1.15 line which is strong line that can be turning pointt of the trend.
So now its time to get the second wave of downtrend but there are two ways that price may move like.
1st possibility is that it is going to go up abit so that it forms H&S in 4h chart at 1.148 line.I would short this and take profit at the neckline of this weekly H&S at around 1.115 line.
2nd possibility is that,the price going down getting inside the downtrend channel line and start the downttrend along with it.So in that case i would first see that price go inside the channel line and pump up a bit that it hit the upper trendline but fails and pulll back in to the parallel line.
BOTH of ways could happen but i would TP at neck line of H&S because i believe that taking profit is the best way to avoid risk and win constantly.
we can just entry again when it break out the necklline so whats \the problem?
Nice for shorters,this rebound has been stopped at 1.15 line which is strong line that can be turning pointt of the trend.
So now its time to get the second wave of downtrend but there are two ways that price may move like.
1st possibility is that it is going to go up abit so that it forms H&S in 4h chart at 1.148 line.I would short this and take profit at the neckline of this weekly H&S at around 1.115 line.
2nd possibility is that,the price going down getting inside the downtrend channel line and start the downttrend along with it.So in that case i would first see that price go inside the channel line and pump up a bit that it hit the upper trendline but fails and pulll back in to the parallel line.
BOTH of ways could happen but i would TP at neck line of H&S because i believe that taking profit is the best way to avoid risk and win constantly.
we can just entry again when it break out the necklline so whats \the problem?