Tradeciety
Short

Head and Shoulders unfolding?

FX:EURGBP   Euro / British Pound
926 3 28
The EURGBP             has it all with a textbook H&S formation - the right shoulder even acted as a retest of the 20 SMA .
The Head was a classic squeeze-spike.

The downside potential is limited and price will run into the first support quickly at 1.9R. If price can pick up more momentum, we could see a larger correction.

Europe is opening soon, which will give more clues about the direction for this trade.
I am trading Forex for 10 years and 5 years ago I quit my corporate job to travel the world


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Being new to trading, when trading a H&S pattern what should you look for to identify an exit from your short position?
Reply
direction is correct , just market hit SL before went down
+2 Reply
looks great , are you already in the trade?
Reply
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