EUR / GBP - Head & Shoulders Pattern - SHORT
The neckline on the head and shoulders pattern has now been broken, a seriously bearish move which has paid dividends on similar patterns in play right now (see link below), the height from the neckline to the head is the target south from the baseline. Waiting for a SERIOUS signal to confirm the break after re-test of the neck, remember, both these currencies are very bearish, Euro is ahead right now, so a little more risky than say A USD pair, entry is key.
Trade active:
Nice wicks rejecting the border of the right shoulder triangle
Comment:
I think we can safely say that the entry time was on point, lovely move to the downside and straight into fat profits.
Comment:
Euro looker weaker against Sterling, their both weak, but the Euro has had a comeback today, except against the Kiwi, the NZD is the strongest pair today.
Comment:
The Euro is falling, but the Pound is very close behind, so while I'm in this trade selling at the red zone above, be very careful of your entry, they are very close pairs right now.
Trade active:
Sell off the daily pin bar, profits are at the low of the channel, Pound is the second strongest currency with CAD, USD rising, and Euro, NZD, CHF in the middle and Aussie / Yen falling
Comment:
The pound is rocketing away against other currencies and the Euro is now in a decline in the last hour, hopefully, it's the rest of the day, the US open will let us know shortly.
Trade closed manually:
I've taken my profits and closed this trade
Comment:
Today will be one of those days when trades are trying to find their levels, break levels and support new trends, you can see this in the aggressive moves happening very quickly.
It's incredibly important you stay patient for an entry, don't enter to just be in the market and if you've got a trade on a long-term, swing trade, be prepared to see larger sideways movements and therefore don't sit and watch them, don't enter with anything less than a 15m timeframe and preferable a 1h.
The Euro is strongish, and the Pound is quite weak, I'm bullish on this pair today and it's likely to get back to the highs of the move, so I've taken profits to sell it back down.
It's incredibly important you stay patient for an entry, don't enter to just be in the market and if you've got a trade on a long-term, swing trade, be prepared to see larger sideways movements and therefore don't sit and watch them, don't enter with anything less than a 15m timeframe and preferable a 1h.
The Euro is strongish, and the Pound is quite weak, I'm bullish on this pair today and it's likely to get back to the highs of the move, so I've taken profits to sell it back down.
