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After a long run up... the USDCNH probably found the top for a while. Price formed Head and Shoulders🤷and broke the Uptrendline and then also the Neckline @ 7.01, backtested it and got rejected. Also there is bear flag in play with target 6.686, we have just broken out of it's consolidation phase: So in my eyes a downtrend has been established and I think there is chance for run to 6.66.
STOPLOSS (SL): Right Shoulder @ 7.26
TARGET (TP): H&S target projection @ 6.66
INVALIDATION: when SL level hit
Check my other stuff in related ideas.
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⚠️Disclaimer: I'm not financial advisor. This is not a financial advice. Do your own due dilingence.
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Trade going well, almost no drawdown. The price just immediately dropped as rock after posting the idea. Close to the target. Check the updated chart down below:
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Yep we got that rejection from cyan downtrendline and we are bit closer to the target. Nice!