Benji
Short

EURUSD Head and Shoulders Possibility

FX:EURUSD   Euro / U.S. Dollar
Here is the current possibility that I am seeing on the EURUSD             short scheme. I originally tried to short the Euro             in a previous triangle formation, but as we all know, the larger timeframe and larger pattern will trump the lower/smaller structures. I was stopped out for a 25 basis point loss. This possibility would suffer greatly with PA exceeding the right shoulder @ 1.234. It would be hard for me to be long the Euro             in today's geopolitical environment, so I may skip the long trade for now. My order will look something similar to this:

Basis Point Risk: 100 basis points
Units: 34,000
Entry: 1.0940
SL: Not set yet, but I will use Brandt's Last day Rule
TP: I am fully aware of the blue trendline present in the weekly chart. This line has been proved to be a strong monthly trendline . Regardless, I trade patterns like this based on the height, so my TP will be at 1.0205.

I will look to manage this one with my basic management strategies. Anyone else see a trade on this pair approaching?
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