Kumowizard
Short

Possible Head and Shoulders pattern, minor bearish bias

FX:EURSEK   Euro Fx/Swedish Krona
59 2 7
I opened 0,5 trade unit EURSEK             short today. As you might have seen on my Twitter feed, I have been watching it for few days.

- Ichimoku setup is more neutral. Kumo shades price ahead, price is below Kijun and Tenkan/Kijun is weak bearish .
- Price retraced to Kijun from Kumo, but has failed to break above 9,50 key supp/res for last 5 trading days.
- Heikin-Ashi candle is small red today but with still both upper and lower wicks. haDelta/SMA3 is below zero now. haOscillator is ticking lower. -> not yet decisive, no real bearish momentum , just initial bearish bias.
- High probability to develop a Head and Shoulders patter, but as all patterns this needs confirmation too. Basically we need a break below 9,41 neckline. Then possible tgt             comes ard 9,20.

Market has some bias, but the setup has not yet confirmed. For this reason I opened only 0,5 trade unit today at 9,47, with a wider initial stop at 9,5550. This provides a better expected Risk/Reward, but still not much outright nominal risk. Looking to add below 9,41, and trail stop for the full size later.

2use
3 months ago
Lets see how this pans out
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Kumowizard PRO 2use
3 months ago
Well, Riksbank took off dovish talk! They say they won't follow ECB decisions any more, and they will also stop QE end of this year! It may work out well for SEK.

Also I see inflation is picking up in Skandinavia.
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