Hello friends! This is an update of my previous EURUSD idea, which is linked below.
The previously mentioned trendline broke with a heavy and strong move. We can see how a Head & Shoulders pattern developed at the top of an uptrend (purple channel). The Neckline of the Head & Shoulders pattern is mandatory for this trade and a possible entry zone for a retest of the Neckline, which might be in play this moment.
As per textbook, we determine our target price with the pattern height, starting from the neckline. In my experience, the target projection rarely works out. While i want to demonstrate a trend-change in this idea, you should sell portions of your position on the way down.
Let's see how this works out. I will keep you updated! Follow me to get notified about my updates.
cheers,
cryptobuller
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Disclaimer: Any opinions, chats, messages, news, research, analyses, prices, or other information contained in this Idea are provided as general market information for educational and entertainment purposes only
The previously mentioned trendline broke with a heavy and strong move. We can see how a Head & Shoulders pattern developed at the top of an uptrend (purple channel). The Neckline of the Head & Shoulders pattern is mandatory for this trade and a possible entry zone for a retest of the Neckline, which might be in play this moment.
As per textbook, we determine our target price with the pattern height, starting from the neckline. In my experience, the target projection rarely works out. While i want to demonstrate a trend-change in this idea, you should sell portions of your position on the way down.
Let's see how this works out. I will keep you updated! Follow me to get notified about my updates.
cheers,
cryptobuller
___
Disclaimer: Any opinions, chats, messages, news, research, analyses, prices, or other information contained in this Idea are provided as general market information for educational and entertainment purposes only
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