Forex EUR/USD Daily Video, June 15, 2020

soul rebel

Sergeant
Messages
136
Greetings Sive
It appears the second scenario you mention in your update is currently underway. EUR has proceeded to H&S pattern and has turned after hitting 618 resistance. Do you suppose the larger AB-CD OP target of 11143 is likely to be hit.
I have taken a short position at 11340 and wonder how best to act.
 

Sive Morten

Special Consultant to the FPA
Messages
14,727
Greetings Sive
It appears the second scenario you mention in your update is currently underway. EUR has proceeded to H&S pattern and has turned after hitting 618 resistance. Do you suppose the larger AB-CD OP target of 11143 is likely to be hit.
I have taken a short position at 11340 and wonder how best to act.

Hi mate,
For our major trading plan H&S is not as important, because we're watching for long trade from 1.1187. But as you've taken short - it would be better to protect it with b/e stop and control neckline breakout. Any hints on H&S failure it would be better to book profit.
 

soul rebel

Sergeant
Messages
136
Hi mate,
For our major trading plan H&S is not as important, because we're watching for long trade from 1.1187. But as you've taken short - it would be better to protect it with b/e stop and control neckline breakout. Any hints on H&S failure it would be better to book profit.
Thanks Sive
After posting the question yesterday I reflected on the position I had taken realising it was not part of our trading plan as you suggest, so following your advice I closed 50% to book profit and moved stop to break even on remainder.
 
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