📌 Key Chart Elements:
• Left Shoulder, Head, and Right Shoulder are all clearly defined.
• The neckline has been broken, and the price has retested the zone (confluence area).
• RSI: Bearish momentum, under 50 and showing no strong recovery — confirms weakness.
• 🔺 Stop Loss placed above the right shoulder (1.78234), protecting against fakeouts.
• 📉 Entry was triggered via Sell Stop at 1.77030.
• 🎯 Take Profit levels:
• TP1: 1.75823
• TP2: 1.75201
• Final TP (Projection Level): 1.74628
⚡️ RSI Confirmation
• While price made the head high, RSI failed to reach new highs, showing clear bearish divergence.
• RSI has since rolled below 50, confirming momentum has shifted.
Scenario & Bias
• Scenario: We’re Active a break of the neckline at 1.7710 to confirm the reversal.
• Bias: Bearish — targeting measured move down to 1.7582 (take-profit level) with a projection to 1.7520.
• Left Shoulder, Head, and Right Shoulder are all clearly defined.
• The neckline has been broken, and the price has retested the zone (confluence area).
• RSI: Bearish momentum, under 50 and showing no strong recovery — confirms weakness.
• 🔺 Stop Loss placed above the right shoulder (1.78234), protecting against fakeouts.
• 📉 Entry was triggered via Sell Stop at 1.77030.
• 🎯 Take Profit levels:
• TP1: 1.75823
• TP2: 1.75201
• Final TP (Projection Level): 1.74628
⚡️ RSI Confirmation
• While price made the head high, RSI failed to reach new highs, showing clear bearish divergence.
• RSI has since rolled below 50, confirming momentum has shifted.
Scenario & Bias
• Scenario: We’re Active a break of the neckline at 1.7710 to confirm the reversal.
• Bias: Bearish — targeting measured move down to 1.7582 (take-profit level) with a projection to 1.7520.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.