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).
Why catch it then? Why not at the top of the right shoulder, which is where it is now.
I put a trade on then, as you can see it failed...
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