Two patterns in one but conflicting information..
USDCHF on 15 minute chart
Taking a look at the USDCHF on a 15 minute chart, two patterns caught my attention here, but both of them give different indications..
The first thing that caught my attention was the formation of an almost complete Head & Shoulders chart pattern that has formed at the base on an extended trend. The last shoulder is still forming and would certainly not take a long position until we saw the break of the neckline in an upward direction because…..
That same chart pattern is showing us a Pennant!! Is a pennant a continuation or reversal pattern? Continuation!! So with the Head & Shoulders indicating a reversal and the pennant a continuation, we really do need to wait for the break on this pair before taking any trade…
Hope you all have had a fantastic trading day…
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Serene Education Ltd Blog- This site has been moved!!! 28/07/2009Dear Serene Education followers and students. Please be advised that this blog site has now moved sites and has been replaced by www.SereneEducation.co.uk/blog. This is due to our new members site where we are able to offer you, our valued students more valuable benefits and educational experiences. Click HERE to be taken to the new site and ensure [...]
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