lewglasgow
Short

USD/NOK - Head and Shoulders

FX:USDNOK   U.S. Dollar/Norwegian Krone
Recap on the analysis I provided for my students previously this week. Here we have a head and shoulders setup on a Daily chart for USD/NOK             , this pattern also took shape on the Weekly chart. This is a very simple selling opportunity, easy to spot and amazing risk:reward.
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Lewis Glasgow, Creator of Six Figure Capital.
Technical15
8 months ago
Love this setup as it is so easy to spot, thanks again!
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lewglasgow PRO Technical15
8 months ago
Indeed :) you're very welcome, I appreciate the support thank you.
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Csys
8 months ago
Although it is an easy-to-spot formation, most traders fail to trade it properly. I haven't seen a valid head-and-shoulders posted here for a while. Now this is what I have:
snapshot


I think it would be best to wait to see the congestion, and then enter on the short side.
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Csys Csys
8 months ago
Also, I have my stop-sell at the close of the break-away day in case there will be no congestion.
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lewglasgow PRO Csys
8 months ago
Nicely detailed trend lines.. I totally agree with you on that part, many traders are too eager to enter a position as soon as they see the pattern occur.
+1 Reply
Csys
8 months ago
I am in now. Good luck to the bears.
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lewglasgow PRO Csys
8 months ago
Entry price? Nice one man
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Csys lewglasgow
8 months ago
I took on the short side at 842.3 with a stop around 860.
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lewglasgow PRO Csys
8 months ago
All the best, the pair is looking good so far. I'll be looking for an entry shortly!
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Akshath1994 PRO
8 months ago
is the trade invalidated.??.i have shorted should is still hold on???
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lewglasgow PRO Akshath1994
8 months ago
Trade is still valid, the pair is still making lower highs/lows. Analyse the lower time frames for view on short term price movement!
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Akshath1994 PRO lewglasgow
8 months ago
levels of 8.00 can be seen in the coming weeks..could be sooner too??
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Csys
8 months ago
It seems we are in the money at the moment. Good luck for the rest of the trade to anyone in! Fight with your emotions, don't close the trade too early : )
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