GBPAUD May give us a great sell opportunity if the price break the Head and shoulder neck line. for who don't know what is the Head and shoulder Pattern it is >
One of the most popular Chart Pattern. This pattern appears on all times frames and can therefore you can use it if you are a swing trader or a Daily trader.
Formation of the pattern
1. Up trend
2. It is formed by a peak (shoulder), followed by a higher peak (head), and then another lower peak (shoulder).
3. The neckline is drawn by connecting the lowest of the two troughs
Entering: when the price break the neckline
Stop loss: above the right shoulder
Target: calculate a target by measuring the high point of the head to the neckline.This distance is approximately how far the price will move after it breaks the neckline.
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Good Luck
One of the most popular Chart Pattern. This pattern appears on all times frames and can therefore you can use it if you are a swing trader or a Daily trader.
Formation of the pattern
1. Up trend
2. It is formed by a peak (shoulder), followed by a higher peak (head), and then another lower peak (shoulder).
3. The neckline is drawn by connecting the lowest of the two troughs
Entering: when the price break the neckline
Stop loss: above the right shoulder
Target: calculate a target by measuring the high point of the head to the neckline.This distance is approximately how far the price will move after it breaks the neckline.
Don't Forget to follow and Like if this article have any value for you.
Good Luck