Long

Potential Inverted Head & Shoulders on EURUSD

Updated

This is the opposite of what I was seeing on DXY, inverted H&S within a corrective structure.

In the case of EURUSD, we have a little more confluence as it appears to be retesting the breakout of the bearish structure as it approaches a strong area of support and the price is still within the HTF bullish channel.

Let me know your thoughts.

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Maybe I am getting ahead of myself here but if this plays out, an idea to gain more profits off this trade.

The price played around the Key Level and Neckline multiple times which could be a good area to scale in on the way up.

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I am looking at the lower time frames and thinking this could be the start of the reversal if support holds.

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A beautiful setup is forming now. Hopefully the support can hold so we can have a chance at a nice, high probability trade.

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Since this morning DXY has been playing around. If I look at the oscillators, it appears price has topped out and getting ready for a push down. Here are the levels I am watching on LTFs.

If the resistance can hold and DXY can break below the order block, it will be the first step for the push to the downside.

Currently I am focused 100% on DXY price action.

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Finally got that downward push. Now just hoping we get the continuation I was hoping for.

DXY breaking key support zones.

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DXY is consolidating within an order block. Really need it to break this order block for EU to continue up.

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Nice break below the order block. Initial pullback but hopefully it can continue downwards.

GU TP4 Hit
GJ TP2 Hit
EU TP1 Hit
ECAD TP1 Hit

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Again focusing on the DXY chart. Now consolidating in a new order block. Hopefully this can break down and continue further. I am still looking for larger profits.

GU TP4 Hit
GJ TP3 Hit
EU TP1 Hit
ECAD TP1 Hit

The measured move is still 150 pips below this new order block.

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Latest analysis on DXY below:

As well as the trade I took earlier today:

AfterlifeTrading

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Potential Head & Shoulders on DXY

by AfterlifeTrading

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