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Originally posted by “Lifesong”; Wed Nov 25, 2009 7:25 am

 

Perhaps a little late on this post, but I’ve been following a H&S pattern on the Daily since late Oct ‘09 and waited for the retracement back to the neckline (classic throwback). This occured just over a week ago and I entered the trade on Nov 18th. Herewith my analysis (see chart which was analysed on Nov 5th):

The H&S pattern is marked on the chart and I waited for retracement back to neckline @ 1.2430 level and this also came close to 4h SK support zone @ 1.2385 level. On Nov 18th I noted that a double bottom formed on 4h chart @ 1.2440 level and I entered 60min TRSI X-up @ 1.2465 with initial stop below right shoulder @ 1.2180 level. My first objective with this trade is previous swing highs @ 1.2680 level and longer term second objective is SH of Apr 30th @ 1.2935 which will also coincide with 161.8 Fib expansion of swings at the bottom of the Daily chart.

Any comments or recommendations?

 

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Originally posted by “FibMaster”; Wed Dec 02, 2009 5:14 am

 

It’s been as high as 1.2820 so far. Good call. Are you still in it? Weekly trend still strong attached), daily showing possible retracement to begin here.

 

 

 

 

 

 

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Originally posted by “Lifesong”; Thu Dec 03, 2009 12:55 am

 

Hi Neal

Thanks for the reply and I closed 2/3 of my position yesterday with just over 300 pip profit @ 1.2790, because of possible double top on 4h chart and the fact that Daily is showing signs of retracement. For the remaining 1/3 of my initial position I moved stop to just below 1.2650 (previous SH) and this is also current SK support on 4h chart. If it is stopped out it’s okay, otherwise I’ll keep it running for possible break of 1.2820 level.

 

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