EURAUD possible complex head and shoulder formation
EURAUD has been in a range for an extended period of time and much energy should be released from the next move, up or down.
I see a potential complex head and shoulder pattern locked in a range but we have to confirm this by breaking the neckline.
Idea 1: I will short using a very tight stop on a small intraday time frame at the upper range if I see signs of rejection.
Idea 2: I will short if we break down on the retest.
Idea 3: If the head and shoulder is not confirmed and we break on the upside instead, I will get long on the retest of the green line.
I see a potential complex head and shoulder pattern locked in a range but we have to confirm this by breaking the neckline.
Idea 1: I will short using a very tight stop on a small intraday time frame at the upper range if I see signs of rejection.
Idea 2: I will short if we break down on the retest.
Idea 3: If the head and shoulder is not confirmed and we break on the upside instead, I will get long on the retest of the green line.
Trade active:
Took a small short here, starting to build a position. Stop at 1.5831.
Not really liking the fact that we went past the trendline I had drawned so waiting
to see if we can close back inside the range before selling more.
Not really liking the fact that we went past the trendline I had drawned so waiting
to see if we can close back inside the range before selling more.
Trade closed manually:
My stop on the short side got hit at 1.58 and glad I didnt take a big position.
We now broke the highs so I am waiting for a retracement to the green line and a test of that new support to enter. Placed a few buy orders in that zone and will buy more if I feel the price action is right.
We now broke the highs so I am waiting for a retracement to the green line and a test of that new support to enter. Placed a few buy orders in that zone and will buy more if I feel the price action is right.