EURGBP Possible Heads & Shoulder ( Reversal )
Currently,
-Waiting for a breakout of H4 support level ( 0.91000 ).
Criteria :- Breakout with a solid bar out of support, if it's only the shadow, it's invalid.
-Waiting for a breakout on EMA200, then a retest back to H4 support ( 0.91000 ) for a possible change to act as a resistance.
Sell limit order to be set at H4 support level ( 0.91000 ) after all criteria are met above.
TP Zone 1 = 0.9067 - 0.9050
TP Zone 2 = 0.9016 - 0.9000
Once EMA50 crosses EMA200, the trade should be going smoothly, provided there're fundamental factors affecting it.
*Set SL to BE after every TP zone is hit.
Trade Safe :)
-Waiting for a breakout of H4 support level ( 0.91000 ).
Criteria :- Breakout with a solid bar out of support, if it's only the shadow, it's invalid.
-Waiting for a breakout on EMA200, then a retest back to H4 support ( 0.91000 ) for a possible change to act as a resistance.
Sell limit order to be set at H4 support level ( 0.91000 ) after all criteria are met above.
TP Zone 1 = 0.9067 - 0.9050
TP Zone 2 = 0.9016 - 0.9000
Once EMA50 crosses EMA200, the trade should be going smoothly, provided there're fundamental factors affecting it.
*Set SL to BE after every TP zone is hit.
Trade Safe :)
Trade active
Currently broken H&S pattern as a reversal to the downside, retraced back towards the shoulder to momentarily act as a resistance. Look for a sell right after market is opened. Fundamentally , UK hinting of a possible Deal-Brexit. So it might just go along my expectations :)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.