Update from weekly analysis the 31st of July.
Possible reversed head and shoulders on the 12H. I am currently waiting for the right shoulder to be formed. Remember - no pattern is perfect, it is the concept of the pattern you are looking for.
Looking at the weekly zone (white area on the chart), this level has been respected multiple times and has now, again, acted as support. Therefore my analysis of an reversal pattern increases.
Confluence is key when trading.
Thoughts? Opinions? Leave a comment!
Possible reversed head and shoulders on the 12H. I am currently waiting for the right shoulder to be formed. Remember - no pattern is perfect, it is the concept of the pattern you are looking for.
Looking at the weekly zone (white area on the chart), this level has been respected multiple times and has now, again, acted as support. Therefore my analysis of an reversal pattern increases.
Confluence is key when trading.
Thoughts? Opinions? Leave a comment!