Playing The H&S On EUR$
Updated
It seemed like the EUR$ has found temporary resistance at the $1.1900 level
The general trend of the pair is downward. But for the month of June the pair made a significant rally until it eventually ran out of steam. Some significant selling occurred on the very last day of the month signaling that the sellers have entered the market/could very well be profit taking. The pair tumbled all the way to the $1.1750 support level.
As you can see on the chart. The pair has already formed the left shoulder at the $1.1800 level...head at 1.1900...and now on its way to form the potential left shoulder at $1.1800.
If the $1.1800 holds...I’ll definitely be interested in shorting the pair for a 1:3/1:4 risk/reward ratio.
So here’s the plan:
Sell Limit at $1.1800
Stop Loss: Discretionary (remember to use proper risk management)
Take Profit at $1.1580
Good luck and happy trading 😀
The general trend of the pair is downward. But for the month of June the pair made a significant rally until it eventually ran out of steam. Some significant selling occurred on the very last day of the month signaling that the sellers have entered the market/could very well be profit taking. The pair tumbled all the way to the $1.1750 support level.
As you can see on the chart. The pair has already formed the left shoulder at the $1.1800 level...head at 1.1900...and now on its way to form the potential left shoulder at $1.1800.
If the $1.1800 holds...I’ll definitely be interested in shorting the pair for a 1:3/1:4 risk/reward ratio.
So here’s the plan:
Sell Limit at $1.1800
Stop Loss: Discretionary (remember to use proper risk management)
Take Profit at $1.1580
Good luck and happy trading 😀
Trade active
Scaled in at 1.1756...as price only made it to $1.1780 when selling pressure started.
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