signal strength 1 of 5
According to the chart of M5, GOLD formed the Head and Shoulders pattern. The Head’s top is set at 3339.71 while the median line of the Neck is found at 3330.86/3331.70. The formation of the Head and Shoulders pattern evidently signals a reversal of the upward trend. In other words, in case the scenario comes true, the price of GOLD will go towards 3331.55.
The M5 and M15 time frames may have more false entry points.
See Also
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- Double Top
- Flag
- Head and Shoulders
- Pennant
- Rectangle
- Triangle
- Triple top
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On the chart of GBPCHF H1 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 1.0763; the lower boundary 1.0727; the width of the pattern 36 points
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According to the chart of H1, GBPJPY formed the Bearish Rectangle. This type of a pattern indicates a trend continuation. It consists of two levels: resistance 198.43 - 0.00
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The Double Top reversal pattern has been formed on GBPCHF M30. Characteristics: the upper boundary 1.0764; the lower boundary 1.0747; the width of the pattern is 16 points. Sell trades
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