EU looks to be in great shape after breaking out of a large contracting triangle and
providing a healthy 5 wave impulse to the upside. The 5 waves have unfortunately
failed to close above the previous major high and has instead provided a possible
Head and Shoulders pattern. I say "possible" because we need confirmation by means
of a clear break and retest of the neckline, only then would a trade entry be valid.
There are 3 TP levels along the way with the major target being the 1.618 fib extension level of
what is currently the AB correction waves.
TP levels:
1.11500
1.10900
1.10000
If you enjoyed this post, do let me know, I would highly appreciate it. Happy Youth Day!!
providing a healthy 5 wave impulse to the upside. The 5 waves have unfortunately
failed to close above the previous major high and has instead provided a possible
Head and Shoulders pattern. I say "possible" because we need confirmation by means
of a clear break and retest of the neckline, only then would a trade entry be valid.
There are 3 TP levels along the way with the major target being the 1.618 fib extension level of
what is currently the AB correction waves.
TP levels:
1.11500
1.10900
1.10000
If you enjoyed this post, do let me know, I would highly appreciate it. Happy Youth Day!!
Note
Price has just broken below the neckline, I will wait for candlestick pattern confirmation on a higher timeframe.
Sell Limit order placed at 1.12320
Trade active
Note
Trade closed: stop reached
Trade closed and I have been stopped out at break even. Always move your SL to entry price when market moves 20-30 pips into profit.
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.
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.