Head and Shoulders Pattern formed on 4H GBPJPY Chart
An obvious head and shoulders pattern has formed and did a retest on the new formed resistance last week.
In the upcoming weeks, price is likely to go bearish according to the "Top Head and Shoulders" Pattern we see here.
I would wait for a confirmation of bearish trend such as price breaking below the 200MA before going short on a lower timeframe.
Thank you for reading and happy trading!
Disclaimer:
I am not a professional trader, financial/investment advisor, broker and/or dealer. The idea above is strictly based on my opinion and should only be used for entertainment/educational purposes only. Do conduct your own due diligence and do not act solely based on any information conveyed in this Trade Idea.
In the upcoming weeks, price is likely to go bearish according to the "Top Head and Shoulders" Pattern we see here.
I would wait for a confirmation of bearish trend such as price breaking below the 200MA before going short on a lower timeframe.
Thank you for reading and happy trading!
Disclaimer:
I am not a professional trader, financial/investment advisor, broker and/or dealer. The idea above is strictly based on my opinion and should only be used for entertainment/educational purposes only. Do conduct your own due diligence and do not act solely based on any information conveyed in this Trade Idea.