stockmarketdaytrader

Perfect Textbook trade

Short
OANDA:EURUSD   Euro / U.S. Dollar
6
This was a great trade setup that had all the signals going off! The first and the most strongest signal was the head and shoulders pattern, which was confirmed a valid setup when price action broke the neckline! we had another smaller trend line break which told us of an impending fall, which alerted us to start looking at this pair harder! SO this was a continuation pattern all the way, we had the first drop, then price consolidated and began to form the H&S pattern, which told us that this was the first leg of a drop, and the second leg was coming, as soon as price broke the neckline, we knew prices are doping! Price action just barely touched a pivot point area, and started to drop, that told us resistance has been found at the pivot level, and will now drop! Hourly chart shows perfect doping curves which support downward actions! This was a great text book setup!!!

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