I have been in this trade since the 16th of this month and closely analysing the 1D/1W/1M time frames and from what I have looked at I spotted a potential retracement occurring.
I then spotted a reversed head & shoulders pattern where the first shoulder was formed by sellers where they took control within the market, then buyers took back control but sellers obviously re-gained that control, before buyers then had full control in the market to confirm the bullish trend happening. To confirm the head & shoulders pattern, you can spot the dotted neckline where their was eventually a break.
Where you can spot the blue rectangle is how I decided to enter that very trade. This area is where the market was consolidating and I entered when it finally broke out of that consolidation. Also price is respecting the MA which is a good sign.
I strongly believe that buyers will be in control for a good period of time...but I will continue to analysis this pair.
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Comments
operahouse
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not reversed head & shoulders pattern to me in a strict way. anyway.
AshirDanville
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melv great analysis, simple to understand, concise, valid