The Fed minutes were perceived by the markets to be Dovish, though a rate hike at the December meeting cannot be ruled out .
I’m on the hunt for a short trade in ‘Old Teflon’ again (EURUSD) . The last head and shoulders worked like a charm and I have my eye on a larger pattern that could possibly play out. We have a right shoulder forming ( red boxes on chart ) outside of the former (blue boxes) successful pattern. We are also at the 50% move from the Sept/Oct high/low which comes in at 1.1877. – I like to try to watch patterns forming and attempt to second guess them. I’ve had many decent trades from this strategy, and also more small stop losses hit than care to think about.
I plan on taking a short trade at 1.1877 with a tight stop. If my stop is taken i will go on to plan B (always good to have a plan B) and stage my next short sell mission up and around the right shoulder at 1.1910.
A zoomed out view in the chart below …..
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