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Alexander_Nikitin
Jan 31, 2018 6:48 AM

euraud. classic chart patterns 

Euro Fx/Australian DollarFXCM

Description

guys, had many requests on posting some classic charts patterns. i don't personally trade them but i do frequesntly analyze the market using them. Here's the conventional method of trading. stops should go below the right shoulder. targets should be at the projected one to one measured move of the head. May enter at market or wait for a deeper retracement for better price. have a nice day.

Comment

cut my risk by half moving the stop higher. just under the most recent relative low.

Trade closed: target reached

targets hit on this one:)
Comments
tomg10
But you drew a bit less than 1:1 from the head, is there a reason?
Alexander_Nikitin
@tomg10, I drew a bit more. It should be 1 to 1 from the right shoulder's valley, not from the breakout point.
tomg10
@Alexander_Nikitin, Valley means lowest point?
Alexander_Nikitin
@tomg10, yep, right shoulder's low.
tomg10
LuckyLaki
thanks BATMAN!
Alexander_Nikitin
@LuckyLaki, you are welcome;)
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