We all know Head and Shoulder (H & S) is a classic pattern which activates only below the neckline & neckline low is recent low of 1.1215
So why not take advantage of buying the pattern if it holds above 1.1250 level & any opportunity between 1.1265 - 1.1275 should be seen as good risk reward trade in next few weeks if it holds above 1.1250 mark.
Upside Target - 1.1800 - No long trades below 1.1250 mark.
Short Term - Pair looks to fall from current levels of 1.1312 taking it below 1.1300 -travelling close to 1.1265- 1.1275 zone where we are planning to buy or go long -keeping an eye that it should not move below 1.1250 mark
As going below 1.1250 - This setup gets invalidated or little risky.
Trading Plan - A Twice Hitting The Zone where we wanted to enter - we will check for resistance in 1.1360-1.1365 zone -if that hurdle crossed -we will move along with the pair upside
Trading Plan - B Else facing resistance between 1.1360-1.1365 zone - we will book profits & wait at sidelines as holding that zone -can be problem for the pair later once it starts dipping below 1.1250 - it can be early sign that it is going down below 1.1200 mark as well
Zone got hit as suggested earlier - 1.1360 - 1.1365. Got the opportunity to take a snapshot / midnight picture of EUR at 1.1362 Highs - Further trades above this zone only else be careful.
Trade active
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00:45 Hrs 16th Nov 2018 ( From India)
Hitting & Falling From 1.1362 Highs – Midnight Picture of Euro
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