MelvinMack
Long

EURUSD Entry (Daily)

FX_IDC:EURUSD   Euro / U.S. Dollar
193 views
7
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I have been in this trade since the 16th of this month and closely analysing the 1D/1W/1M time frames and from what I have looked at I spotted a potential retracement occurring.

I then spotted a reversed head & shoulders pattern where the first shoulder was formed by sellers where they took control within the market, then buyers took back control but sellers obviously re-gained that control, before buyers then had full control in the market to confirm the bullish trend happening. To confirm the head & shoulders pattern, you can spot the dotted neckline where their was eventually a break.

Where you can spot the blue rectangle is how I decided to enter that very trade. This area is where the market was consolidating and I entered when it finally broke out of that consolidation. Also price is respecting the MA which is a good sign.


I strongly believe that buyers will be in control for a good period of time...but I will continue to analysis this pair.
Comment: **Double bottom
Well Done good analysing
Reply
not reversed head & shoulders pattern to me in a strict way. anyway.
+1 Reply
melv great analysis, simple to understand, concise, valid
+1 Reply
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