Hello trader this is my weekend analysis
This pair had an interesting move: price reached the trendline and gapped down, then filled the gap, then down again, we can see this action as a falsebreakout the trendline. It's the bearish trendline so Short is even more viable. The thing is on Daily chart you don't see the pin bar as Tradingview or Oanda fixed it on Daily timeframe. Ok now let's have a look:
1. Fundamental: no fundamental analyze here
2. Weekly
You can see that is not a pin bar right?
3.Daily: now let's have a look on the Daily frame- the most used for swing traders
I can see:
- Falsebreak with a price action setup: Fakey with pinbar / Bearish engulment: this setup not yet fully confirmed due to unable to break the weekly low, but this is worth watching
4. H4: this is where we can clearly see what happened (The chart) All i say is on the chart:
- Head and Shoulder pattern is a revesal pattern, it also happened at the trendline, and price brokeout: we can short now or at retest
- Price actually created a weekly bearish pinbar ( OHLC: open high low close)
For those reasons, i Short
SL: at the top of the HnS pattern
Target: lower supports, 106.76 might be a possible target.
Thanks for reading. Happy and safe trading guys.
This pair had an interesting move: price reached the trendline and gapped down, then filled the gap, then down again, we can see this action as a falsebreakout the trendline. It's the bearish trendline so Short is even more viable. The thing is on Daily chart you don't see the pin bar as Tradingview or Oanda fixed it on Daily timeframe. Ok now let's have a look:
1. Fundamental: no fundamental analyze here
2. Weekly
3.Daily: now let's have a look on the Daily frame- the most used for swing traders
- Falsebreak with a price action setup: Fakey with pinbar / Bearish engulment: this setup not yet fully confirmed due to unable to break the weekly low, but this is worth watching
4. H4: this is where we can clearly see what happened (The chart) All i say is on the chart:
- Head and Shoulder pattern is a revesal pattern, it also happened at the trendline, and price brokeout: we can short now or at retest
- Price actually created a weekly bearish pinbar ( OHLC: open high low close)
For those reasons, i Short
SL: at the top of the HnS pattern
Target: lower supports, 106.76 might be a possible target.
Thanks for reading. Happy and safe trading guys.
