Trend: Bullish (ranging on 1hr)
Structure: Head and Shoulders with Bearish Divergence on the MACD
wedge play also possible
Plan:
We identify a head and shoulders pattern on the 4hr timeframe, however this could also be seen as a wedge.
However taking the head and shoulders we have extra confirmation by bearish divergence on the MACD
ideally we would wait until neckline has been broken before entering the trade
Structure: Head and Shoulders with Bearish Divergence on the MACD
wedge play also possible
Plan:
We identify a head and shoulders pattern on the 4hr timeframe, however this could also be seen as a wedge.
However taking the head and shoulders we have extra confirmation by bearish divergence on the MACD
ideally we would wait until neckline has been broken before entering the trade