GBP / EUR - Head & Shoulders Pattern - SHORT
Updated
The neckline on the head and shoulders pattern has now been broken, a seriously bearish move which has paid dividends on similar patterns in play right now (see link below), the height from the neckline to the head is the target south from the baseline.
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This is a Euro / GBP trade, title is wrong, will edit / delete and repost when it allowsNote
Do not trade this idea.... it's Euro / GBP SHORTOrder cancelled
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This is the correct trade, which is active right now!
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Longer term view on this pair. Note
The Euro is trying to make a comeback, (bearing in mind nothing has changed in the Eurozone), overall it's declining, but we happen to be at a major point of support, which is the start of the channel back in Oct, break this and we're going down to 0.86Note
The Pound is growing in strength and the Euro a decline, this will be a tough battle for the weakest of the pair, Euro winning at the momentNote
Good afternoon all, apologies for the lack of communication, I had some other work to do, but it appears a little time away has done our trade the world of good. One of my smaller trades executed a profit order @1.89868 But my main (fat profit) trade is still running. Looking at the volume and the way it bounced of the previous support, it basically didn't, it looks like we're going lower, but, if we cannot get through this area this afternoon or if it looks like the bulls are coming in hard, take your profit, or at least 50% of it.
I'm letting it run through the US open.
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Moving the right direction, lots of positivity in the Pound today, Euro is mixed, with big moves hence why other pairs are up and down, patience on those.
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