So we've got this miniature setup that looks excately like a previous setup i was trading.
The market is repreating itself.
So this head and shoulders just gave us our first wave to the upside , and we got this nice pullback to the neckline which was in line with our fibs and trendline.
The trend is still going strong and its still making higher highs and higher lows.
The low that its currently at is at a nice support which means we can open a position with a nice risk/reward ratio.
The take profit would be at the supply zone ( 1h ) near the 161.8% of the LAST SWING ( smaller timeframes ). This zone is a very strong resistance and also a supply so we've got to be cautious when prices reaches this area.
The market is repreating itself.
So this head and shoulders just gave us our first wave to the upside , and we got this nice pullback to the neckline which was in line with our fibs and trendline.
The trend is still going strong and its still making higher highs and higher lows.
The low that its currently at is at a nice support which means we can open a position with a nice risk/reward ratio.
The take profit would be at the supply zone ( 1h ) near the 161.8% of the LAST SWING ( smaller timeframes ). This zone is a very strong resistance and also a supply so we've got to be cautious when prices reaches this area.
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