From this post, the big picture shows price is doing a giant 1234 at top of ED channel.
On H4 a Head and Shoulders may be materialising.
I had previously traded well on the downflow, Now i will look to trade on the right shoulder in the coming week.
GBPCHF right shoulder I am looking to enter early.
If not via a 1234 will be great as well.
updated 050214
price did not move up to form a ‘ traditional’ or pre-empted right shoulder. It is important that I keep my trading mind flexibility and not ‘expect’ price pattern to move in the way I had imagined.
It is important for me to play according to price, and be reactive, instead of being predictive.
Therefore as the big picture had already suggested topping at ED channel top,
with various reversal criteria seen,
a strong bearish day close on monday completed a head and shoulder and price closed below a 4 weeks low neckline.
This neckline was retested and seemed to form double top of sorts.
My personal feel was of jittery and uncertainty, as I had just come out of a loss from a bad trade with poor edge.
I am only confidence with the trade direction with regards to the big picture, but I constantly worry about the market timing. Will seek to improve on managing emotions.
