GOOD MORNING STEEMIT!
Now if you've spoken to me about trading, you'd know that I'm really not the biggest fan of subjective trading patterns. Something that the head and shoulders most definitely falls under.
But what I do love is a quality higher time frame, horizontal support/resistance zone. What I also love is confluence. The more eyes that are on a level, the better.
Take a look at the EUR/USD daily and tell me what you see:
I had spoken about the EUR/USD weekly range before, so this horizontal zone has been in play for a longgg time.
But if the first thing that jumps out of the chart to the eyes of a hater like me is a head and shoulders pattern, then it must have SOME merit. Right?
My trading strategy is all about waiting for a higher time frame support/resistance level to hold and then trading the pullbacks on the intraday chart. In this case, it's still all about the horizontal zone (also being the neckline) breaking down and then being retested to the upside.
If this plays out and the intraday chart shows a good previous short term support that could turn to resistance, then short it.
I don't even normally like hip-hop but this came across the Spotify playlist that I was listening to when I was bashing out this post and it's worth the share.
Auss hip-hop isn't like its American cousin. Have a listen to this live version for a radio show here and enjoy :)
It's worth listening to the Thundamentals cover of Matt Corby's Brother which should be next on the YouTube autoplay list after that one.
Have a great day!
Peace.
@forexbrokr CHART ART BlogsIf chart setups that I've spoken about before are related out then I'll leave them here.
GBP/USD SHORT TRADE - JUST ADD ANOTHER STEP!
Please leave a comment with your ideas or just share a chart.
Blogging about markets is all about sharing ideas and making us see all possible angles. I look forward to having you follow along and reading what you throw at me.
Twitter: @forexbrokr
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Website: www.forexbrokr.com
