So, we have a standard Head and Shoulders pattern, and we are currently at the Right Shoulder, "almost" at the end of the pattern.
Price is currently inside a Box Area, containing many Supports and Resistances from a while ago.
In the RSI , at the current moment, price may be confirming a Trend-Line, right after a Bearish Divergence.
A Bearish Divergence is caused when the price chart creates a High, following by a Higher High. However, in a few certain indicators, the Higher High is actually at the first High - the one situated in the Chart. This is strong warning for a possible Downtrend.
The Fibonacci Retracement tells us that there can be a small retracement at 1.28756. Therefore, it is already to expect.
Our targets - both the Stop-Loss and Take-Profit, are situated a few before ROUND NUMBERS (and swings as well), just so we can protect our capital from Liquidity Hunters.
-
STOP-LOSS: 1.29940
RETRACEMENT IS AT 1.28756
TARGET: 1.28062
-
- John Wood
Have a Successful-Trading!
Price is currently inside a Box Area, containing many Supports and Resistances from a while ago.
In the RSI , at the current moment, price may be confirming a Trend-Line, right after a Bearish Divergence.
A Bearish Divergence is caused when the price chart creates a High, following by a Higher High. However, in a few certain indicators, the Higher High is actually at the first High - the one situated in the Chart. This is strong warning for a possible Downtrend.
The Fibonacci Retracement tells us that there can be a small retracement at 1.28756. Therefore, it is already to expect.
Our targets - both the Stop-Loss and Take-Profit, are situated a few before ROUND NUMBERS (and swings as well), just so we can protect our capital from Liquidity Hunters.
-
STOP-LOSS: 1.29940
RETRACEMENT IS AT 1.28756
TARGET: 1.28062
-
- John Wood
Have a Successful-Trading!