A fully formed inverted head and shoulders pattern has now been spotted.
With EURO news just around the corner with ECB President Lagarde speaking, we could see a quick influx for the Euro. This could be a chance to pickup a quick few $$$
Take home 50 pips! and grab that Liquidity above!
Id then be looking to short back down to support as our weekly timeframe suggests EURO will weaken against the POUND.
We must be reactive and not predictive and wait for candle structure to give us the go ahead for the SHORT trade, if it doesn't its quite possible to break to the upside of which then we can look for a long position for another Intraday type trade.
With EURO news just around the corner with ECB President Lagarde speaking, we could see a quick influx for the Euro. This could be a chance to pickup a quick few $$$
Take home 50 pips! and grab that Liquidity above!
Id then be looking to short back down to support as our weekly timeframe suggests EURO will weaken against the POUND.
We must be reactive and not predictive and wait for candle structure to give us the go ahead for the SHORT trade, if it doesn't its quite possible to break to the upside of which then we can look for a long position for another Intraday type trade.
Trade active:
Trade went active from the moment we sent this out, already in profit, we set the STOP to Breakeven for a free trade.
Comment:
We could see this line of liquidity hit before the news in an hours time. That would make sense, news will then potentially set the new bias for EURO to remain strong or go weak and setup nicely for our following SHORT
Comment:
Just fallen short of that liquidity line, expecting a bounce now from a potential new support that's been created to push up into that zone.
Trade closed manually:
Hit our Breakeven, didn't quite reach our zone! perhaps it was slightly optimistic! but very close to TP!
Sell wasn't activated, we will wait for a better setup! Stay tuned for a new analysis!
Sell wasn't activated, we will wait for a better setup! Stay tuned for a new analysis!
Comment:
Waiting on new confirmation to take this potential SELL. Want to see a breakout of our indicated zone and then a retest as shown on the diagram.
Shame we only Broke even on the first trade but as we can see it would have hit our STOP so a good call to lock in a FREE trade, especially on INTRADAY trades
Shame we only Broke even on the first trade but as we can see it would have hit our STOP so a good call to lock in a FREE trade, especially on INTRADAY trades
Comment:
clear double top formed above liquidity zone, looking for entry on the short now. a break of structure and retest first!
Trade active:
Broken to the downside as previously thought, have taken the trade on refusal from our zone, LETS GO!
Comment:
With GBP being a little skewed and unpredictable, we're going to bring in Breakeven on this early. So we got a free trade potentially. STAY SAFE!
Comment:
BREAKEVEN HAS BEEN SET! AIMING FOR THE BOTTOM!
Trade closed manually:
Closed 50% of position, rest is still at Breakeven. Fundamentals are being ignored on the market, maybe due to Ukraine war update. Lets stay safe and lock in some profits.
Comment:
Came back to knock our BREAKEVEN STOP. Not bad, we won something out of this and lost nothing!