Forming what could possibly be an HS (head and shoulders pattern) on the H4 chart, the EUSTX50 has bounced handsomely off the neckline. I'm expecting an LH before the 2860 level, which if the price action looks to weaken up there, I'll look to short for a move back down to 2772 and possibly a much larger move lower towards 2718.
Comments
2ndSkiesForex
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2nd Target at 2718 hit (which was also the low print for the day today), so a nicely profitable trade. Will look to re-short on corrective pullbacks towards 2763, looking for a much larger move lower
2ndSkiesForex
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Well as suspected, the EUSTX50 went right into my resistance zone, then has sold off heavily, hitting first TP. Am suspecting if 2765 breaks, then a much larger reversal is in the cards to potentially 2545. Will update end of day.
pradafx
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Wow. Nice trade there Chris. I Missed this trade badly.
Seen some of your previous analysis also worked in the similar direction. Cheers
2ndSkiesForex
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Thanks mate - yes, was a good trade, but there will be others.