FX:AUDUSD   Australian Dollar / U.S. Dollar
89 3 7
Im seeing a possible head and shoulders happening, on the weekly chart its just a flat bottom triangle, lets try catch it on once it passes the neckline
I see that your prediction has a very good chance of being correct, which is why I suggest entering at the top of the right shoulder: AUD is declining (also confirmed across other pairs) .. with divergence on various timeframes, plus other strong confirmations. I feel tonights China news may strengthen this move down, as it will probably be poor. If it is not a trend reversal, then it is at very least a decent price correction. Maybe you entered too soon? ... which is an error I often make. In fact, I believe that what you have done is draw the top of the right shoulder incorrect to the reality, as it is higher, the H&S is wonky as you can see in the actual price action (more the blue line, not the black line).
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Why catch it then? Why not at the top of the right shoulder, which is where it is now.
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I put a trade on then, as you can see it failed...
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