Hi traders, just an update on the previous post on this pair. The short position is playing out as expected. I thought I would update you on the larger timeframe picture. We have a large H&S pattern happening on the weekly timeframe as well, currently we are forming the right shoulder.
If we look out even further on the 3 month timeframe we also have a bearish impulsive wave which has retraced back and precisely hit the 50% Fibonacci. Taking all this into account this larger timeframe opportunity will not come easy. Perhaps if your stoploss were placed well above the head on the current trade it could play out in profit with a timeframe of 6 months.
If we look out even further on the 3 month timeframe we also have a bearish impulsive wave which has retraced back and precisely hit the 50% Fibonacci. Taking all this into account this larger timeframe opportunity will not come easy. Perhaps if your stoploss were placed well above the head on the current trade it could play out in profit with a timeframe of 6 months.
Focusing on precious metals trading.
