EURUSD_Swing Trade_Patience_Head and Shoulders.
On both daily charts seen above, Eurusd is forming a decent head and shoulders pattern anticipating moves to the downside. These setups have been historically powerful but require a lot of patience. I will risk 2% of account balance and intend on taking 1% off the table at T2 and letting the other 1% have a chance at T3.
Entry - 1.18612. If we are fortunate enough to gain entry, I'd like to be short at the tip of the shoulder. The entry has already been perfectly triggered, but we know how the possibility of reentry exists. The ideal entry would have been a tick or two above the left shoulder (1.18612), of which the market gave us (1.18629)
T1 - 1.17607
T2 - 1.16602
T3 - 1.15597
Stop- 1.19617 because the high of our setup head is 1.19612.
DXY is also forming an inverse head and shoulders that remains in effect until 92.49. I will proceed with the assumption that DXY will move up in the weeks to come, pushing EURUSD down. Setup is valid as long as DXY does not close below 92.49. News/Fed data is irrelevant to this trade.
Note: Unfortunately I did not have the time to catch this formation as finals week has been brutal. I will be back in the swing of things over winter break. Lets make some pips!
Like/Comment/Follow TElphee! – Self-made Technical Analyst. Certification not held but desired after college. 5-year market enthusiast with experience in Forex, Futures and Cryptocurrencies. Trading View is my trading journal. I’m posting a series of live trades and documenting them in real time. Share your opinion, but remember we are only discussing opinions. I’m very eager to learn! Find TElphee on LinkedIn/Twitter/Trading View
Disclaimer: Oanda data shown. This information is my own opinion and should not be considered investment advice. Please consult a professional before trading.
Entry - 1.18612. If we are fortunate enough to gain entry, I'd like to be short at the tip of the shoulder. The entry has already been perfectly triggered, but we know how the possibility of reentry exists. The ideal entry would have been a tick or two above the left shoulder (1.18612), of which the market gave us (1.18629)
T1 - 1.17607
T2 - 1.16602
T3 - 1.15597
Stop- 1.19617 because the high of our setup head is 1.19612.
DXY is also forming an inverse head and shoulders that remains in effect until 92.49. I will proceed with the assumption that DXY will move up in the weeks to come, pushing EURUSD down. Setup is valid as long as DXY does not close below 92.49. News/Fed data is irrelevant to this trade.
Note: Unfortunately I did not have the time to catch this formation as finals week has been brutal. I will be back in the swing of things over winter break. Lets make some pips!
Like/Comment/Follow TElphee! – Self-made Technical Analyst. Certification not held but desired after college. 5-year market enthusiast with experience in Forex, Futures and Cryptocurrencies. Trading View is my trading journal. I’m posting a series of live trades and documenting them in real time. Share your opinion, but remember we are only discussing opinions. I’m very eager to learn! Find TElphee on LinkedIn/Twitter/Trading View
Disclaimer: Oanda data shown. This information is my own opinion and should not be considered investment advice. Please consult a professional before trading.
Order cancelled:
Orders were canceled because after we missed the first entry price did not make lower low. Also, in hindsite, the head and shoulders pattern was not perfect. Then after some solid wave analysis I realized direction was headed the other way. This trade was a scratch.
