After finally breaking the neckline of what has been a 3 month head and shoulders reversal pattern on the EURUSD (check the attached post or my most recent video for a look at that setup) I've got my eyes glued to potential bearish setups (on both the higher & lower timeframes) until we reach our next level of potential structure support.
On the Daily, price has once again started to consolidate, creating a bearish flag formation, leading me to predict a breakout to the downside. Going down to the hourly this consolidation setup is setting up a pullback trade with a shorting opportunity at a retest of the previous shelf of resistance.
There are some concerns about a possible bullish head and shoulders forming, but what would be trading without concerns. If that happens then we simply adjust accordingly.
Bu all eyes on shorts for the Euro until something changes that outlook.
Akil Sorry for being away, but I've been working on sa new project
Komen
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We have just formed the bullish head & shoulders pattern mentioned above. Eyes are no longer on potential shorts until we get the next setup
Everyone is selling.....then I am buying. Today we are going to break 1.1620 and then going to 1.17-1.1750. And we will see over there what to do next.....possibly, can go to 1.19.
Akil_Stokes
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@Tucson2016, Love the approach, do the opposite of what the public is doing. That's typically how my mind operates as well. Good luck with your trading opportunity.
where-is-the-flow
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Perfect analysis of the context! Change to down trend still not confirmed. It is time to wait!
Akil_Stokes
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@where-is-the-flow, Trading is certainly a waiting game. Unfortunately many traders aren't disciplined enough to do so
thanks for posting such helpful content. I´m already short. Price hit the Entry Limit of the Bat Pattern this morning, which of course is in my trading plan ;-)