EUR/USD - Inverse H&S - Trade the break up
EUR/USD pair has shown a significant weakness in the past 2 weeks and it looks like it found its bottom, especially when looking on the daily chart:
1. RSI in the oversold region
2. The daily candle looks like a dragonfly doji.
3. STCH oversold and looks like the early buy signal is given.
Furthermore, looking at the hourly chart we can see that the price action is forming an inverse head and shoulder pattern, which again means a trend reversal. The downtrend has been broken as well.
The idea is to trade the break of the neckline with SL below the second shoulder and TP based on the M.P.O projection. For further confirmation, I am going to apply a 1h candle time filter.
1. RSI in the oversold region
2. The daily candle looks like a dragonfly doji.
3. STCH oversold and looks like the early buy signal is given.
Furthermore, looking at the hourly chart we can see that the price action is forming an inverse head and shoulder pattern, which again means a trend reversal. The downtrend has been broken as well.
The idea is to trade the break of the neckline with SL below the second shoulder and TP based on the M.P.O projection. For further confirmation, I am going to apply a 1h candle time filter.
Catatan
As expected price has reached the neckline, but for further confirmation the trigger is a close of 1 hour candle above the neckline.Trade aktif
Trading ditutup: target tercapai
TP level reached. Thanks to all who like and followed this idea!
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Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.