Possible Massive H & S

3 thg 11, 2015

If you are interested, my entry point on this trade is the first image (based on daily technicals), as you can see Risk to Reward is pretty much fantastic and so are the reasons for entry (that support line has worked since 1995)
A clear pattern for a H&S is forming, the current price is bouncing off of the 38.2 Fib level and lower Bollinger band, which themselves are supported by a massive support line since 1995 as you can see in this link:(tradingview.com/x/CKjiBSxz/). If price can continue upwards and recover off of this massive support line and actually form a H&S Pattern this is a good (pretty safe) trade to follow, alternatively you could try to enter on swings in the price (as it approaches the neckline of the pattern in an uptrend). Primary targets in the expectancy of a H&S pattern are at 1) around 1.127 level and 2) around 1.1675. This is a VERY LONG time frame trade and is not a quick one, however in the next coming weeks if price continues to react to this major support line you can follow the trend up.

If you like this post (and I'm right!) please folow me, thanks.