61.8 Retracement, Double Bottom, Head and Shoulder Confluences
First for the long term we've has an up trend from the start of this year.
Then it started to retrace and it broke through 38.2 with a gap.
Now it has gone sideways in 50-61.8% zone and it has a great confluence with a previous support from April which also was a 61.8 retracement.
In the shorter time frame (4H) we can see a head and shoulder pattern forming - just like most of reversals.
I'm planning on going long on the break out of the neckline of this H&S with 2 contracts.
For the first contract the target will be at 103.1 which is a previous resistant. (gone a couple of pips below the resistance for safety)
The 2nd Target would be right below the Major high at 106.4
Last but now least, when and if we get to 106.6 and break that high we may consider re-entering long.
It is a swing trade so it needs patience.
The first target approximately needs 2 weeks for completion. The 2nd need a month.
So if you can't keep your positions for this much please stay away from this.
Then it started to retrace and it broke through 38.2 with a gap.
Now it has gone sideways in 50-61.8% zone and it has a great confluence with a previous support from April which also was a 61.8 retracement.
In the shorter time frame (4H) we can see a head and shoulder pattern forming - just like most of reversals.
I'm planning on going long on the break out of the neckline of this H&S with 2 contracts.
For the first contract the target will be at 103.1 which is a previous resistant. (gone a couple of pips below the resistance for safety)
The 2nd Target would be right below the Major high at 106.4
Last but now least, when and if we get to 106.6 and break that high we may consider re-entering long.
It is a swing trade so it needs patience.
The first target approximately needs 2 weeks for completion. The 2nd need a month.
So if you can't keep your positions for this much please stay away from this.
