With all due respect to trade-ya1, whom I respect and admire.... Attached is a low quality intraday version of that H&S top moussaka is talking about. By every stretch of the imagination, and in any respectable TA book, which I've read all of them ever written, this qualifies as a valid H&S top, and a very pretty one in fact. One might be fooled into thinking it's not just because the right shoulder is a little higher, but note that the right shoulder itself is a double top, and nowhere, in any book every written on TA, does it say that the shoulders have to be at exactly the same level, just very close, under a few % or less, which this is clearly. In addition, it's forming within a massive "bear flag" that has developed on the weekly charts. So the weekly "bear flag" is the same as this H&S. Both have same implications, same downside objectives, but look different on diff't time scales. To me, something such as this is a powerful indication. Pejman Hamidi "The Rookie"
I see what you are saying and that chart does look compelling. Nonetheless, it still requires a break of the neckline to become valid. I suppose coincidentally, a decisive break of the neckline will also become a decisive break of the trendline. I'm sure that I will be selling upon confirmation of a break in both. If that occurs, I certainly hope that I can make enough $$ in the move from 1.1600 down to 1.000 and below that it will cover my recent losses and then some. See how I'm already mentally preparing?
Can you find a similar pattern and confirmation in the other currency pairs visa vi the dollar? Such as the US $ Index, or the $/CHF, $/Yen? If not, then this is not a valid pattern. It is highly unlikely (definately unlikely) that the EUR will weaken against the dollar (in the intermediate to longer term) while the other currencies are stable to higher. Again, I've always stated that this is a US $ weakening story, not a EUR strength story.
I can only imagine what Coinz would be saying today. Thank God that guy was banned. I don't think that I could take reading his bullshit.
Correct with the GBP...tgt is 1.75ish...usdchf head and shoulders attached...neckline about 1.2950...with a stable eurchf(1.5420), puts the euro at 1.1900ish...notice the divergence in MACD as we were making lower lows, and the break up over 1.2700 puts the tgt for the chf @ 1.32...fyi