daytradersfx
Short

Massive H&S pattern, get short then long

FX:EURGBP   Euro / British Pound
The weekly chart is pretty interesting looking here for a few reasons:

1) we had a large channel break and have run up steadily into 4 year old resistance (8800 area)

2) if resistance holds, I want do short below 8800 for 100-200 pips, maybe more but at least that. Then look for an entry long around the .8000 level

3) if this all plays out we could see 600-1000 pips of movement long term.

This pattern is huge and could take a long time to play out.

The short term opportunity is to short trend line breaks as long as price stays below 8800, looking for 8650 and below as potential targets.
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