EURUSD - OCT 01 - SHORT THE PULLBACK - BEARISH BIAS
Last week, I called an idea to short EURUSD upon seeing a potential inverse head and shoulder pattern completing at 1.1510. EURUSD has since tanked +150 pips in our favor.
The inverse head and shoulder is still valid and hasn't yet broken the structure. I am still expecting more downside on the pair after a pullback at around 1.1650-70 were we can open fresh shorts with stop loss at 1.1700 and target 1.1500-1.1520, where the right shoulder of the pattern will complete.
HOWEVER, also note that the price closed on Friday at 50% pullback from the last swing low or the head of the inverse H&S, there also appears some minor support at that are so caution is advised for those who are still holding their shorts.
Trade what you see!
Feel free to share ideas and leave a like! :)
The inverse head and shoulder is still valid and hasn't yet broken the structure. I am still expecting more downside on the pair after a pullback at around 1.1650-70 were we can open fresh shorts with stop loss at 1.1700 and target 1.1500-1.1520, where the right shoulder of the pattern will complete.
HOWEVER, also note that the price closed on Friday at 50% pullback from the last swing low or the head of the inverse H&S, there also appears some minor support at that are so caution is advised for those who are still holding their shorts.
Trade what you see!
Feel free to share ideas and leave a like! :)
Comment:
Counter-trend trade running in profit. If you followed, you are in charge of managing your trades. (Adding positions, moving SL, etc.)
Comment:
Counter-trend trade closed at breakeven.
BUY EURUSD:
ENTRY: 1.1590-1600
SL: 1.1570
TP: 1.1650, 1.1670
**TAKE NOTE THIS IS A COUNTER-TREND TRADE, I AM BUYING THE PULLBACK. YOU MAY OR MAY NOT FOLLOW THIS SIGNAL SINCE WE ARE STILL IN A BEARISH MOVE. AND JUST WAIT FOR A SELL SIGNAL TO TRIGGER.
I will keep updating this post as necessary.
*Follow at your own risk.