2 H&S Price Action Intraday

28 Apr 2020

For this analysis I have 2 different scenarios that will play out. Buy is highlighted in green, and sell is highlighted in red. On the long side of things we see a little bit of a sloppy h&s pattern. For me to personally buy eu I would like to see a strong break of the 1.089 neckline and getting above 1.09. I'm still in favor of the short side of things due to the trend. The bears have rejected any break of the bigger picture downtrend today leading me to think that it still wants to test some lows. For the short side of things I would like to see price creep up to 1.085 and give me a reversal pattern on the lower timeframes. My first target would be back to the neckline of 1.0815. Move stops to break even then, and see if there is a break of that level is broken. If that happens I see price going down to test 1.075 again and maybe lower. Don't be greedy here