EUR/USD_Head and Shoulders unfolding_Trade!_Exciting week ahead!
מעודכן
4 Hour time frame. Levels mark previous levels of interest.
Currently EUR/USD -0.03% is forming a major head and shoulders pattern. Check my post from last week where we identified the move days before the news announcement that triggered it.
Our bias is short because of the intensity of the head and shoulders setup. We must anticipate the big week ahead. There is a high probability of volatility this week with the Federal Reserve taking stage Wednesday at 2:00 pm. In the event that price moves higher I will be ready to get a strategic position to ride the head and shoulder pattern lower to levels specified in the original post. Also XXX/USD pairs should move lower and USD/XXX should move higher.
Fibonacci retracement from the latest highest high to the latest low suggest price should at least test 1.16750, which confides nicely with the previous level marked by the black dotted line, which is the lower part of the right shoulder in larger context.
Seems like a sweet spot to roll over. If things get really messy, 1.1700 looks like it should be pretty solid. Short bias will be invalidated if price closes above 1.17100 on the daily.
The possibility exists that price does not retrace like I expect. In which case 1 hour time frames will be the only effective way to enter as price rapidly moves lower.
Like/Comment/Follow TElphee! – Self-made Technical Analyst. Certification not held but desired after college. 5-year market enthusiast with experience in Forex, Futures , Stock, Options, Cryptocurrencies and Nadex. Also, a full-time college student majoring finance working full time with a small dealership in western VA . I work diligently pursuing my dream of professional trading. Trading View is my trading journal. I’m posting a series of live trades and documenting them in real time. Share your opinion, but remember it is only an opinion. Very eager to learn! Find TElphee on LinkedIn/Twitter/Trading View
Disclaimer: Oanda data shown. This information is my own opinion and should not be considered investment advice. Please consult a professional before trading.
Currently EUR/USD -0.03% is forming a major head and shoulders pattern. Check my post from last week where we identified the move days before the news announcement that triggered it.
Our bias is short because of the intensity of the head and shoulders setup. We must anticipate the big week ahead. There is a high probability of volatility this week with the Federal Reserve taking stage Wednesday at 2:00 pm. In the event that price moves higher I will be ready to get a strategic position to ride the head and shoulder pattern lower to levels specified in the original post. Also XXX/USD pairs should move lower and USD/XXX should move higher.
Fibonacci retracement from the latest highest high to the latest low suggest price should at least test 1.16750, which confides nicely with the previous level marked by the black dotted line, which is the lower part of the right shoulder in larger context.
Seems like a sweet spot to roll over. If things get really messy, 1.1700 looks like it should be pretty solid. Short bias will be invalidated if price closes above 1.17100 on the daily.
The possibility exists that price does not retrace like I expect. In which case 1 hour time frames will be the only effective way to enter as price rapidly moves lower.
Like/Comment/Follow TElphee! – Self-made Technical Analyst. Certification not held but desired after college. 5-year market enthusiast with experience in Forex, Futures , Stock, Options, Cryptocurrencies and Nadex. Also, a full-time college student majoring finance working full time with a small dealership in western VA . I work diligently pursuing my dream of professional trading. Trading View is my trading journal. I’m posting a series of live trades and documenting them in real time. Share your opinion, but remember it is only an opinion. Very eager to learn! Find TElphee on LinkedIn/Twitter/Trading View
Disclaimer: Oanda data shown. This information is my own opinion and should not be considered investment advice. Please consult a professional before trading.
הערה
4 hour PLT-Order raised to risk 1% of account at strategic entry 1.16357. On the off chance it gets filled, Stop at 1.16449. T1 at 1.16211. T2 will be tightly trailed with the opportunity to move 3-1עסקה סגורה: הגיע לסטופ
Wanted to remove order after lunchtime. Did not get around to it quick enough and it cost me a loss. First trade of a new account is never expected to be a winner.Ending balance $4,495.31.
הערה
Threw this lovely head and shoulders template on there to test out. הערה
Entry desired in the event price spikes up to 1.17050. Stop 1.17570. T1 1.16530. T2 1.16010הערה
The best thing a trader could of done this week was nothing.הערה
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