EUR/USD - Possible Inverse H&S - longer term trend reversal
Despite the fact that the pattern is not ideal, based on the recent price action of EUR and the weakness in the USD because of the potential trade war tensions escalation there is a probability that the EUR/USD pair will finally reverse its long term negative trend.
The trade idea is to wait for the 1D candle close above the neckline. Targeting 1.215 - 1.22 level which is based on the M.P.O. (Minimum Price Objective) projection. Stop loss below last shoulder around 1.15 level. For those who want to get an additional confirmation could wait for the daily close above the 200 day EMA.
Please subscribe and like the idea if you agree with my trade set up.
The trade idea is to wait for the 1D candle close above the neckline. Targeting 1.215 - 1.22 level which is based on the M.P.O. (Minimum Price Objective) projection. Stop loss below last shoulder around 1.15 level. For those who want to get an additional confirmation could wait for the daily close above the 200 day EMA.
Please subscribe and like the idea if you agree with my trade set up.
코멘트:
Please leave your views and ideas on this trade set up in the comments section.
액티브 트레이드:
A quick update:
As expected, there was an impulsive break of the neckline. Now, for additional confirmation, I will wait for the daily candle close, as there is a risk that the pair might retrace throughout the US trading session.
Follow me and check my other ideas, I try to keep posting every day.
As expected, there was an impulsive break of the neckline. Now, for additional confirmation, I will wait for the daily candle close, as there is a risk that the pair might retrace throughout the US trading session.
Follow me and check my other ideas, I try to keep posting every day.
액티브 트레이드:
Got double confirmation of a 1D candle close both above the neckline and the 200d EMA. Entered the position as initially anticipated. Expect the rally to continue to the 1.20 levels util a pool-back and possible retest of the neckline would happen.
액티브 트레이드:
Update:
It looks like the Thursday candle created a marubozu candlestick pattern, which means that it will bounce back on the 50% retracement, which ideally coincides with the retest of the neckline (essential for the H&S pattern to be valid.
Additionally, the uptrend line on the RSI has been respected.
Thus, there is even a better opportunity to enter the trade now.
It looks like the Thursday candle created a marubozu candlestick pattern, which means that it will bounce back on the 50% retracement, which ideally coincides with the retest of the neckline (essential for the H&S pattern to be valid.
Additionally, the uptrend line on the RSI has been respected.
Thus, there is even a better opportunity to enter the trade now.
액티브 트레이드:
The price demonstrated an impulsive break of the neckline and it looks that the pattern did not play out. Never the less the trade is active, SL level at a significant support area. A bounce is highly likely next week.
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