EURGBP Long - 6 December 2016

Background:
- Reenter after the #EURGBP Long - 30 November order being cancelled
- In the overall picture, price is forming a possible H&S formation
- Left wide shoulder is formed and right shoulder should be forming?
- This trade is enter to trade the forming of the H&S right shoulder
- In recent price action, couple of interesting price action pattern formed at this broadening pattern support:
1.) Bullish reversal candle + Fake breakout
2.) Bullish hammer failing to close the gap
3.) Bullish divergence

Entry:
- Buy stop of 15pips higher than the hammer's high @ 0.8495

TP:
- Near top of the left shoulder @ 0.8732

SL:
- Set at the 50% of bullish reversal candle @ 0.836

Comment:

Updates - 7 December 2016:
- Not much price action from yesterday session
- Set up still valid, trade not yet triggered

Trade active:

Updates - 8 December 2016:
- Trade triggered by yesterday bullish candle, now testing the 20MA resistance
- Will the 20MA resistance poses a threat to this trade? To observe price action
- For now, hold on to trade

Trade closed manually:

Updates - 27 December 2016:
- Delayed update after my long year end holiday.
- Trade was closed off manually with 56pips loss @ 0.84394 after the 9 December 2016 bearish reversal candle off the 20MA resistance in a downtrend set up.
- Quick exit as this trade is a counter trend trade.
- Lesson learned: Could have only exit after 2 unfavorable sign....