Price action and chart pattern trading > Now the price reaches the downtrend at 0.786 retracement and T1 Head and shoulders target with a hammer candlestick, followed by a doji. > The candlestick pattern is consolidating within the downtrend ABC correction and starting to squeeze under the upper resistance. > A possible breakout scenario for long entry, we could wait for price to retest its low. > Target SMMA50 and SMMA200 > Stoploss @ the candlestick hammer wick or the price could come down to 2.0 area > RRR: 2:1
If breakout successfully, the value area of $2.8-3.0 will become the support for the price in the near future.
Always trade with affordable risk and respect your stoploss, nothing is 100%.
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