Head and Shoulders Formation on EURGBP (Potential 1100+ gain)
Hey all! Everyone of us is aware that sometimes there are cold days without any apparent trends and sometimes there are trends and formations all over the place. Thankfully these past few days are of the latter category and I'm trying to share most of them with you all.
Here, we can see the formation of a Head and Shoulders pattern on the daily EURGBP chart. As is customary with these patterns, you can expect that the drop from the neckline to the target will be equal to the distance from the Head to the neckline. This fits in well here as the equal distance from the neckline syncs up almost perfectly with a strong S&R level that extends back more than a year. Target 1 is a little more conservative if you're skeptical about this massive drop as it is also a relatively strong S&R level.
If you liked the idea, be sure to leave a like as it motivates me to post more of these gems.
Aggressive Setup
Entry: 0.86445
TP:0.80740 or 0.75027
SL: 0.86949
Conservative Setup
Entry: 0.83448
TP: 0.80740 or 0.75027
SL: 30 pips or so
Here, we can see the formation of a Head and Shoulders pattern on the daily EURGBP chart. As is customary with these patterns, you can expect that the drop from the neckline to the target will be equal to the distance from the Head to the neckline. This fits in well here as the equal distance from the neckline syncs up almost perfectly with a strong S&R level that extends back more than a year. Target 1 is a little more conservative if you're skeptical about this massive drop as it is also a relatively strong S&R level.
If you liked the idea, be sure to leave a like as it motivates me to post more of these gems.
Aggressive Setup
Entry: 0.86445
TP:0.80740 or 0.75027
SL: 0.86949
Conservative Setup
Entry: 0.83448
TP: 0.80740 or 0.75027
SL: 30 pips or so
Trade active:
Excellent movements so far; 0.84202 is a level to watch now.