Forex Day Trader's Thread

Blancspa. A head a shoulders pattern can occur on either an up trend or a down trend. I'm not quite sure where you are looking at in the chart. I could see a possibility of the second shoulder forming today on the EURUSD chart, although as I'm using IG I can't get confirmation from the volume levels. This is also a small time frame for a head and shoulders, which is traditionally a much longer pattern. If you want to enter this trade based on this set up, you should wait for the right shoulder to form and break before entering.
 
Just grabbed 25 Pips shorting GU... Does GU always tend to drop after Close? Could be a handy way to catch a few Pips at day end
 
Sorry I was bit slow to catch up with the messages. The 4 hour looks like a classic head and shoulder to me. It even fell the entire height of the pattern after. That's an excellent spot, I think I need to start checking the 4 hourly charts more often.
 
captaincol said:
Blancspa. A head a shoulders pattern can occur on either an up trend or a down trend. I'm not quite sure where you are looking at in the chart. I could see a possibility of the second shoulder forming today on the EURUSD chart, although as I'm using IG I can't get confirmation from the volume levels. This is also a small time frame for a head and shoulders, which is traditionally a much longer pattern. If you want to enter this trade based on this set up, you should wait for the right shoulder to form and break before entering.
Click to expand...

thanks, was good to ask then... and btw volume level is the similar as yesterday, according to MT4 history centre data - 17269....if it forms HL tommorow I am going short
 
blancspa said:
daily uptrend
4Hours H&S
is confusing me
which one is stronger? 😆
Click to expand...

Here is what I see (maybe wrong :cheesy🙂

euro likely sets back a bit temporarily but will eventually make it to 1.46 - 1.47 area, may take a while since there are bunch of S/R on the way up
 
Just thought i'd upload the chrt for everyone. I've used the fib line just show that the break out was the same height as the height of the pattern.
 

Attachments

  • EURUSD H&S.jpg
    EURUSD H&S.jpg
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I'd trade the H&S south on a break of the neckline.. below 1.38 will be sell stop and stop loss bonanza!

Hey man, I made 45 pips yesterday and just completely blew it today with bad trade after bad trade.. BUT .. this happens to me almost every week.. I just have to make more selective trades for the rest of the week rather than try to play the market video game style..
 
Sully, no, the equities market tanked in the closing minutes and the banks holding long positions took profit on short USD positions.. that's why Cable turned back a bit.
 
captaincol said:
Just thought i'd upload the chrt for everyone. I've used the fib line just show that the break out was the same height as the height of the pattern.
Click to expand...

I think he is talking about the bigger (potential) H & S. If it forms then the current price is at the top of the R/S (start using more acronyms 😆)

The M30 chart also confirms a short direction (on small TF, not a long TF one). So I'd short euro to it's (potential) neck of the (potential 😆) H & S and see what the price action there is, with a tight SL
 
You were wise to go with Gain Sean.. regardless of spreads or anything else they are heavily capitalized but the most important thing about Gain is that they have floor traders who give you very useful bits of information AS IT HAPPENS 😉
 
You realize that outsiders don't have a clue what we're talking about..

"I'm long on the bounce off the fib looking to t/p at the fig.. will cover on a failure"

etc.. etc.. etc..

Acronyms only serve to further confuse our friends and family..
 
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