We have spotted a H/S Pattern developing on this pair. We are currently short.
Entry Reasons: Break of the Flag pattern formation on the 1H and AB=CD Pattern which will give an equal move to the downside. We will be looking to add a position at the break of the H/S neckline.
Levels: Entry 1 (Flag / AB=CD) - 143.513. Stoploss: 144.786. Take Profit: 141.250 or alternatively 137.150 Entry 2 (H/S) - 142.708. Stoploss: 144.000. Take Profit: 135.150
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Price broke the flag pattern on the 15M timeframe and we are short
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We took off some Profits at Target 1 at the completion of the AB=CD Pattern. The remainder of our position is still running. We are looking for opportunities to enter into the trend again.