Fxprotrader
Long

EURGBP Pending Reversed Head & Shoulders At Key Level

FX:EURGBP   Euro Fx/British Pound
Price is about to complete a reversed head and shoulders pattern at a key level. Although the most common way to trade this pattern is after a breakout above the neckline, looking at the chart we may see that the right shoulder will complete at a very strong level offering great support. So when price reached that level we may start watching for a buy setup to form and jump in for a long ride.
Comment: Price has reached the level of the left shoulder comleting the pattern. I have posted a new idea with a bullish cypher pattern. Two different patterns aiming at same direction.

EURGBP Bullish Cypher Completion At Key Level
Where would you consider the violation of this potential set up to be? It appears to want to break through the dealing trend line from 81 and change
Reply
DaiJones DaiJones
Declining
Reply
Fxprotrader DaiJones
Between 0.81130 and the swing point of the "head" the right shoulder may comlete. Above or below these levels this pattern is no more valid
+1 Reply
Agree. The buy zone is also the 0.382 of the primary up trend.
+2 Reply
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