FX:GBPAUD   British Pound / Australian Dollar
89 5
I would like to see a retouch of the neckline to try a short here, it may or may not happen but if it does retouch the neckline Ill be targeting the 1.7800 area.
Well the way I see it. The Head and shoulder had a clear retest of the neckline. The trade is now set to +5 pips and risk free. You can call it a head and shoulders, bumping into resistance, or just the weekly candle is deciding to play out. All 3 bearish signs. All 3 valid
Understandable So, the question becomes is your trade working because of the H & S or
simply reacting to support and resistance and/or the trend line.
It's important for me to understand so a valid analysis of the probabilities can be accounted.
Thanks for your thoughts !
Now is when I would attempt a short position, it is retesting the underside of the trend line/neckline
Aye, in my experience the most unorthodox Head and Shoulders have the best chance of playing out, and the more symmetrical the less you will see them work. In fact I prefer to long off symmetrical head and shoulders necklines instead of short. Regardless you may be correct and I would only open a trade on the retouch of the neckline to maximize risk vs reward potential.
Based on my pattern rules this is not symmetrical enough, and the right shoulder much to high to be a H & S
BUT, selling just below the big figure is probably a good trade just based on support and resistance.
With the neckline so steep it is difficult to get a measured moved - measured, too.
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