pavan15589
Short

EURAUD - A bearish reversal pattern - Head and Shoulders

FX:EURAUD   Euro / Australian Dollar
EURAUD             has confirmed a bearish head and shoulders reversal pattern breaking the neckline on the hourly chart.

A nice opportunity to go short... (Caution: Look for fakeouts)

Lot of pips to everyone.....
I was just wondering . . .
H & S patterns are sooo subjective I'm not a great fan
But, I was wondering why you choose the ascending neckline when - to me anyway -
and I'm the last one to believe when it comes to H&S ----
there seems to be more harmonics/symmetry and a better neckline to determine
the measured move when it is drawn horizontally. Plus a slightly better area of support/resistance.
thanks for your thoughts !!!!!
AND lots of pips in your pocket ~~~~~
Reply
pavan15589 dojitrader
Thank you for your comment.... And I still take lessons from people who know more (I thought the low and the long shadow was a sign of the market responding to the pattern which I considered a part of structure)....And now I feel, I probably should have taken the horizontal neckline.... Thank you....I will keep this in mind....:-)
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