Inverse Head and Shoulder, Retracement Channel Completed, Long GBPUSD, 24th November 2016

GBPUSD H1, Inverse Head and Shoulder

GBPUSD M15, Retracement Channel Completed @ FR61.8%

Technical Analysis and Market Sentiment:
An inverse head and shoulder is forming and the 2nd shoulder is beginning to form.

A retracement channel has just completed in the midst of forming the 2nd shoulder and the price rebounded off from FR61.8%.

Trading Plan:
Long with full risk. Stop loss placed at  the swing low of the previous wave of appreciation .
Trade was executed within market hours and   more than a day  before the next major news release.
Take Profit 1: 1.2463
Take Profit 2: 1.2500
Take Profit Final: 1.2538
Initial follow-up plan: If the price closed below the retracement channel, exit 1/2 position. If the price gain beyond 1.2469, wait for a retracement and look for a re-entry.

GBPUSD M15, Trading Plan


Trading Result: Gain/Loss               %



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