EURUSD Short_Solid Stoploss area_What do you think?
Updated
In my opinion EURUSD is overextended to the upside. I have been waiting for this move to stop out a majority of traders with close stops. However It would not surprise me if price lingers in this area for a couple days.
To me, the probability these prices are temporary is worth the risk.
Stoploss has solid conviction behind the high of the shoulder; 1.18820. Above this level and the head and shoulders pattern that has partially played out is invalidated (see attached post.)
Entry at the break of the lower time frame consolidation 1.17837.
T1 1.16754
T2 1.15771
Risking 2% of account balance.
Goodluck!
To me, the probability these prices are temporary is worth the risk.
Stoploss has solid conviction behind the high of the shoulder; 1.18820. Above this level and the head and shoulders pattern that has partially played out is invalidated (see attached post.)
Entry at the break of the lower time frame consolidation 1.17837.
T1 1.16754
T2 1.15771
Risking 2% of account balance.
Goodluck!
Trade active
With solid conviction in the stop, the closer we can get to it the better our entry. I adjusted entry to the low of the newest consolidation that formed this morning. Trade active.Note
Trade closed: stop reached
Good thing is, between the two trades I had open through last week, I choose higher risk on the winning trade and lower risk on this loser. Came out ahead.
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