head and shoulders.

Was looking to sell the EURUSD earlier last week but was stopped out as the pair moved to trigger my stop loss before pushing down without me.

I am expecting the EURUSD to push down to a new Lower low on the daily chart so there should be lots of opportunities here- see my previous analysis.

looks like a head and shoulders pattern is forming on the 30 min and 1 hr charts that will make for a good sell opportunity and we have a cross over of the 20 and 9 EMAs? what do you think?

- wait for price to reach the purple zone from the bodies of the candles forming the first shoulder to the body of the candles forming the head.

- Once this rule has been met await confirmation for entry.

Stop loss just above the wick of the candles forming the head. Target just above previous support.

*I do not claim to be an expert in any way and am only learning to trade myself. Trade at your own risk.

Transaction en cours

Trade fermée: ordre d’arrêt atteint

Commentaire:

Once again the pair has pushed up to trigger my stop loss before an impulsive move to the downside that reached my revised target without me. Resulting in a loss on this trade for me. Hard to swallow but need to roll with the punches and learn from it.
Next steps:
1) Wait for strong confirmation that price will move in our favour- patience is key don't rush.
2) Prepare for likely entry positions. Through hindsight we can see the pair moved to a previous resistance level, marking a better entry position. (as in shown in the chart below)
3) In addition to identifying key levels and likely entry positions use this knowledge to better place stops and targets.