Head and shoulders- looking for 400-500 pips
This is a great head and shoulders pattern, I am already long but I will be adding to this trade at some coming points.
I'm long at 1.2450, I will add to this trade and position at/above 1.2650 area, looking for a 100 pip run before hitting the neckline. After that I'll manage the trade as follows.
ENTRY: At the break of 1.2625-50 area I will add to my long position, looking for 100 pips into the neckline, I'll move stops into profit at about 1.2700 and let it ride into 1.3100.
STOPS: if this break back below 1.2600 area I'll be suspicious, if it breaks the trend line outlined on the chart, I'll close that second position for a loss and my first position with profit.
This is going to be an interesting run, I'll keep the charts updated as best I can as this trade plays out.
I'm long at 1.2450, I will add to this trade and position at/above 1.2650 area, looking for a 100 pip run before hitting the neckline. After that I'll manage the trade as follows.
ENTRY: At the break of 1.2625-50 area I will add to my long position, looking for 100 pips into the neckline, I'll move stops into profit at about 1.2700 and let it ride into 1.3100.
STOPS: if this break back below 1.2600 area I'll be suspicious, if it breaks the trend line outlined on the chart, I'll close that second position for a loss and my first position with profit.
This is going to be an interesting run, I'll keep the charts updated as best I can as this trade plays out.
Jared Johnson
Union Hedge Funds
Union Hedge Funds
