Intraday Short setup USDCHF

Hey there,

Possible intraday short setup.

After USDCHF hit key resistance at 0.97972, began to look into the 1hr and a chart Head & Shoulder pattern is forming mark by the red arrows. *Please note this pattern is only confirmed when it breaks the neckline and fails on re-test.* Therefore keep an eye through a price alert on the neckline area price.

Another key notes price broke the short term trend line and the 40 EMA along with the support structure which has failed to break through since. Short term downtrend marked on chart.

Entry at 0.97118
SL at 0.97430
TP at 0.96367

Thanks.

Comentário:

Unfortunately price doesn't reacted as hoped and it has seemed to breakdown out of the previous short term down trend.

This highlights the importance of two things:
1: Patience for price to reach your set yup
2: Confirmation before entry.