VasilyTrader

head and shoulders pattern on overbought market

Short
VasilyTrader Updated   
FX:AUDUSD   Australian Dollar / U.S. Dollar

Good morning, traders.

on audusd pair we have nice head and shoulders pattern in a clearly overbought market.
Just couple of hours ago the market has violated the neckline.
It gives us an opportunity to sell the market anticipating a bearish movement.

Targets are based on structure.
Stop is above head.

Good luck!
Comment:
one more retest of neckline
Comment:
Bounce from 0.72
Comment:
again the market is below the neckline
Comment:
hit the initial target
Trade closed: target reached

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