Possible Head and Shoulders pattern, minor bearish bias
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.
- 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.