EURGBP Head and Shoulders at Market - Fresh Supply Zone
Once again we have a head and shoulders that offers us a potential retracement.
In my last trade short on the head and shoulders I closed my position after the support line broke because i didn't have analysis to validate a move past that.
In this trade we have a head and shoulders pattern happening at a key supply area (the one above the previous one where we had our first retracement). If a larger scale pattern holds and this supply zone can't break above the head on the head and shoulders, we could potentially see a more sizeable move to the downside. We have multiple candles closing on their lows on the right shoulder here.
-Always use a stop
-Trade only with money you can afford to lose
-Be open to multiple scenarios
-It's okay to be wrong about anything
In my last trade short on the head and shoulders I closed my position after the support line broke because i didn't have analysis to validate a move past that.
In this trade we have a head and shoulders pattern happening at a key supply area (the one above the previous one where we had our first retracement). If a larger scale pattern holds and this supply zone can't break above the head on the head and shoulders, we could potentially see a more sizeable move to the downside. We have multiple candles closing on their lows on the right shoulder here.
-Always use a stop
-Trade only with money you can afford to lose
-Be open to multiple scenarios
-It's okay to be wrong about anything
This pair is currently testing a slightly higher high with a bat pattern (invalid head and shoulders morphed into a bat pattern that is). The candles could reveal a correction off that. Watch the closes.