1. Last week candle extreme bearish Engulfing 2. H&S chart pattern formation 3. FIB 50% 4. Light blue = strong support-resistance area (currently resistance) 5. Possible short-term Double TOP formation
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4H candle close and we got another sixth confirmation:
6. After the rejection from mentioned levels above the current price we got a bearish candlestick pattern called "Shooting Stars"!
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Stops are hunted and technically it is better than before! 7. RSI Divergence
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If You want to get more confirmations than wait for a candle close (at least 1H) below the round number 0.96500!
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Yes, we got this! Bearish Engulfin candlestick pattern on the 4H chart!!
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We got so many confirmations and we got the move downwards. There is just a little space to go to the target 1 but if You are in this trade then move SL to the zero take some partial profits (always be less greedy than others) and let the rest run.
Nice! Hope that stoploss hunting is done and now its time to turning down finally. Btw another confirmation could be made after closing current 4H candle. It would be a nice bearish engulfing and with these confirmation as you described it could be a bulletproof plan!
VaidoVeek
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@HustleCrown, Yes, another engulfing would be a massive sign from those levels!
We also have a nice H&S formation. @VaidoVeek what are your thoughts on where the breakdown will happen? We’ve broken down the triangle but where’s the bottom of the H&S?
VaidoVeek
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@n8craner, Hey! Sorry but didn't understand the question. The targets are marked on the chart as arrows tip.
DavyCoth
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Agree with setup but I'm afraid last 4H candle is not shooting star even it looks like (only with upper shadow) Real shooting star should close under the opening price of last candle or am I wrong? (Maybe Iam.. still learning candlestick patterns) anyway a next 4H candle should close under the closing of the last and in the bottom 1/3rd of its range I think.
In any case I also believe this setup. It looks like a good opportunity in short term.