GBPAUD - Head & Shoulders Set-up

A Head and Shoulders pattern has formed on the GBPAUD Daily Chart.

With a break of the neckline at 1.67825, one could go SHORT in anticipation of a breakout. I would not think about shorting this pair until the break happens, so keep an eye on the chart or set an alert up to be notified of a touch or break of 1.67825.

ENTRY
Pending SELL ORDER at 1.67800

STOP
Just above the shoulders at 1.70100

TARGETS
Target #1 - 1.66270
Target #2 - 1.65000
Target #3 - 1.63910

Comment:

Slowly but surely setting up. We should see a break or bounce over the next couple sessions.

Trade active:

Trade Initiated

Trade closed manually:

Closed 80% of position before news and moved STOP LOSS to 1.67760.

Leaving the other 20% to run.

Trade closed: stop reached:

STOP LOSS hit for a small profit before news. We will see if we did right by protecting. News in 5 minutes.

Comment:

Retails sales and all data was negative. Could of pocketed some more pips, but we took some nice short term profit and live to trade another day.