Potential Long Term Head and Shoulders Setting Up on
EURUSD
Daily Chart
If we can get a pullback and daily close around 1.18680 followed by a bear candle (preferably an engulfing bear candle) then we may have our Left Shoulder and be on the way down to test the neckline at 1.17100.
One could place a pending sell stop order just below 1.17100 and go SHORT on the break.
If the neckline is broke at 1.17100 we would be looking at 3 Long Term Targets:
Target #1 - 1.15530
Target #2 - 1.14395
Target #3 - 1.13280
Keep an eye on this development over the next few weeks
Published on 10/11/2017
EURUSD
Daily Chart If we can get a pullback and daily close around 1.18680 followed by a bear candle (preferably an engulfing bear candle) then we may have our Left Shoulder and be on the way down to test the neckline at 1.17100.
One could place a pending sell stop order just below 1.17100 and go SHORT on the break.
If the neckline is broke at 1.17100 we would be looking at 3 Long Term Targets:
Target #1 - 1.15530
Target #2 - 1.14395
Target #3 - 1.13280
Keep an eye on this development over the next few weeks
Published on 10/11/2017
Comment:
Whoops - switch my shoulder labels - it is late! Left is formed and right potentially is in the making
Comment:
Seems to be setting up perfectly at this point. We are looking at that range between 1.16850 and 1.17100 for a break. If we sense steady downward pressure - we will look to go SHORT on a break of 1.17100 to see if we can catch the down wave.
Trade active
Comment:
Neckline at 1.17100 has been broken. Now we look for 1.11530 over the next couple months.
Comment:
Moving SL to Break Even