Some bullish sentiment coming in after Wed but by Thursday night price dumped again and now forming a channel with divergence . I am still keen to short but this time bullish has a reason to go long with the inverted head and shoulders. The crucial level will be 2669 for me and I am looking for a min. h4 candle close to reenter short. A close below this means the inverted head and shoulder becomes invalidated and hence giving the legitimacy to rejoin this bearish trend. I will be looking for 1.2500 this time for TP trade no good if it closes back above the neckline
Do you think it will retest the bottom and then go up for real long?
nakedchartist
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it is possible, but what is more important is to trade the "now" pips , rather than anticipate the big turn for EURUSD.
I have chosen to short because the main trend is still down; it u look at the week charts it says consecutive 20 weeks down.
Hence the big reversal only happens, when it has happened.
If I have a h1 setup for short, I should go for it and trade it.