BobVanders
Short

Short EURGBP - H&S forming in Supply Zone

FX:EURGBP   Euro Fx/British Pound
2 months ago
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.
2 months ago
Trade active
2 months ago
Trade closed: stop reached: H&S pattern invalidated. Trade closed
BobVanders
2 months ago
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 :)
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