TradingView
MEX_Exchange
Jan 18, 2018 2:19 AM

EURUSD major support broken, prepare for a drop Short

Euro Fx/U.S. DollarFXCM

Description

Sell below 1.2203. Stop loss at 1.2253. Take profit at 1.2089.
Reason for the trading strategy (technically):
Price has broken major support-turned-resistance at 1.2203 (Fibonacci retracement, horizontal pullback resistance) and we expect this to trigger a strong sell off that would push price down to at least 1.2089 support (Fibonacci retracement, horizontal pullback support).
RSI (55) sees a bearish exit of our ascending support-turned-resistance line signalling that we’ll likely be seeing some bearish momentum from here.
Comments
Jack19
Your stop loss should have placed above the right shoulder, if you have ever read about head and shoulders patter and how to use it , you will understand what I mean
jetpiloten
Trade is dead as it reached SL!
Jack19
Your stop loss was not placed in a good place
pipstrading
head and shoulder success rate is so low nowadays.
abannari
Price go to the SL
paulDtrader
@abannari, stop hasn't been touched yet
stonejack0505
@paulDtrader, I think it will be by the look of price actions
abannari
More