This chart has been highlighted since last week. With bearish move gaining traction for the past few weeks.
From this chart,
it is clear that week to week there has been a LOWER High formed. So traders who trade on a week to week trend will find it beneficial to maintain their short bias.
As of the h4 candle close at 10am based on SGP time, a trappedtrader signal has been formed, below the 2months low.
This also suggested that price is poised to break major support. But how do we know if this is going to be a breakout or is it going to be a fakeout from the bullish side?
The head and shoulders chart pattern, painted yellow in the chart, suggests that on the lowertimeframe price has failed to make a push for the upside and therfore price is at the stage where it has probably finished its retracement move.
From the multiple trappedtraders signal being formed, this suggests to me that bearish traders has been accumulating positions and perhaps the next down move is imminent.
excellent way to have concluded this trade. Exited after a full power day and the point which I wish to emphasize is not how much potential a price pattern can move, but rather have I seized the opportunity to move in line with the momentum , took profit , withdrew the profit from the broker.