head and shoulders.
Updated
Was looking to sell the EURUSD earlier last week but was stopped out as the pair moved to trigger my stop loss before pushing down without me.
I am expecting the EURUSD to push down to a new Lower low on the daily chart so there should be lots of opportunities here- see my previous analysis.
looks like a head and shoulders pattern is forming on the 30 min and 1 hr charts that will make for a good sell opportunity and we have a cross over of the 20 and 9 EMAs? what do you think?
- wait for price to reach the purple zone from the bodies of the candles forming the first shoulder to the body of the candles forming the head.
- Once this rule has been met await confirmation for entry.
Stop loss just above the wick of the candles forming the head. Target just above previous support.
*I do not claim to be an expert in any way and am only learning to trade myself. Trade at your own risk.
I am expecting the EURUSD to push down to a new Lower low on the daily chart so there should be lots of opportunities here- see my previous analysis.
looks like a head and shoulders pattern is forming on the 30 min and 1 hr charts that will make for a good sell opportunity and we have a cross over of the 20 and 9 EMAs? what do you think?
- wait for price to reach the purple zone from the bodies of the candles forming the first shoulder to the body of the candles forming the head.
- Once this rule has been met await confirmation for entry.
Stop loss just above the wick of the candles forming the head. Target just above previous support.
*I do not claim to be an expert in any way and am only learning to trade myself. Trade at your own risk.
Trade active
Trade closed: stop reached
Comment
Once again the pair has pushed up to trigger my stop loss before an impulsive move to the downside that reached my revised target without me. Resulting in a loss on this trade for me. Hard to swallow but need to roll with the punches and learn from it.Next steps:
1) Wait for strong confirmation that price will move in our favour- patience is key don't rush.
2) Prepare for likely entry positions. Through hindsight we can see the pair moved to a previous resistance level, marking a better entry position. (as in shown in the chart below)
3) In addition to identifying key levels and likely entry positions use this knowledge to better place stops and targets.
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