UnknownUnicorn981629
Short

EURUSD_Downtrend underway?_Areas of interest_Follow TElphee!

OANDA:EURUSD   Euro / U.S. Dollar
Long term New developments in EUR/USD show a forming 3 prong head and shoulders , crown, ghost pattern or whatever you'd like to call it. If the formation plays out, which is looking very likely, statistics say the move back down should be equivalent to the move up. Because of this formation, long-term, I believe it is likely EUR/USD has room to move down to the general 1.1400 area.

Mid term- Our focus is making sure this ghost pattern stays intact. Currently, in the right shoulder, I believe we can begin shorting. Unless price breaks the high of our right shoulder at 1.18800. Should price break 1.18800 we become neutral. The ghost trend stays intact unless we close above the left shoulder high at 1.19109.

Short term - 4 hour chart on the right - Short trades can be opened with stops above 1.18800 area with profit targets around the general 1.17100 area.

Areas of Interest. - Confluence around the 1.18365-1.18500 level appears to hold the greatest potential for reversals into next week. Downward 1.17300-1.17100 will serve as support.

Fibonacci retracement indicator running from the last high forming the right side of the head to the current bottom of the right shoulder very accurately puts key levels of support/resistance at
.382 @ 1.18770
.500 @ 1.18365
.786 @ 1.17970

Key levels forming the left shoulder are marked by the gray dotted lines.
Left shoulder High 1.1909. Lower High 1.18500.
Left shoulder Low 1.16622 Higher Low 1.17100

Trade XXX/USD pairs down and USD/XXX pairs higher. Because of the power of this head and shoulders setup, my perspective has changed on DXY , as you'll notice on my previous post that is linked. Trends change, so must the traders

Happy trading!

Tanner Elphee – Self-made Technical Analysis . Certification not held but desired after college. 5-year market enthusiast with experience in Forex, Futures , Stock, Options, Cryptocurrencies and Nadex. Also, a full time college student majoring finance working full time with a small dealership selling parts. I work diligently to pursue my dream of professional trading. Trading View is my trading journal. Right now, I’m posting a series of live trades and documenting them in real time. Initial deposit of $4500 made on 10/20/2017. Please share with me your expertise! Very eager to learn! Find me on LinkedIn/ Twitter

Disclaimer: This information is my own opinion and should not be considered investment advice. Please consult a professional before trading.



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Nice analysis....your comment... "Trends change, so must the traders"...you nailed it.
+1 Reply
@RalphStPierre, Thank you sir, your kind words are very appreciated.
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