BobVanders
Short

Short EURGBP - H&S forming in Supply Zone

FX:EURGBP   Euro Fx/British Pound
Purists will tell you not to trade the H&S until the neckline breaks. I tend to prefer the outcome of looking for a nice reversal on the right shoulder, because you're already in a zone of resistance as proved by the left shoulder and head. If you do see a good reversal pattern at this level, you have a good chance of returning to the neckline as an initial target and an even nicer reward if the neckline breaks and you head further down to confirm and complete the H&S pattern.

In the case of EURGBP             -0.23% I think this ties in well with a period of likely uncertainty for the EU, which is likely to cause headwinds for the Euro             0.11% and possible a flow of capital back towards the pound as the predicted brexit armageddon continues to fail to occur.
Trade active
Trade closed: stop reached: H&S pattern invalidated. Trade closed
If you look on the 30 minute chart or lowe, you'll see the right shoulder formed beautifully today with a little H&S top of it's own. Enjoy the ride :)
Reply
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out