Get started

HEAD

GBPCAD: Head and Shoulders PatternHey gang! Found a good Head and Shoulders Pattern right here on the GBPCAD! Head Resistance: 1.93000 Neckline Support: 1.90000 Profit target: 1.87000 Its a 300 pips profit! This is my strategy for trading Head and Shoulder Patterns. Take it with a pinch of salt! If you have any recommendations on how I can improve, please do comment here! :) When to enter: AFTER it breaks through neckline, it should retest the 1.90000 Resistance level again. My entry: 66% of my position will be in 1st Position 34% of my position will in 2nd Position My exit: SL at 1.90600 (60 pips) 1st TP: 50% of the pattern (150 pips) at 1.88500 2nd TP 90% of the pattern (270 pips) at 1.87300 What I learned from H&S so far: If the right shoulder is shorter than the left shoulder, the pattern is stronger If the right shoulder extends further than the left shoulder does, the pattern is stronger H&S Patterns have a 75% - 80% chance of succeeding (assuming it breaks through neckline) Good luck guys! May the pips be with you!
Short
by GenesisCTY
GBPAUD: H&S REVERSAL CONFIRMEDHi Traders, We have a lovely Head & Shoulders (H&S) reversal pattern here on GBPAUD. If you are looking for a short entry, see the chart above for a potential setup. The head and shoulders reversal is now complete with the break and close below neckline support. A pullback into that previous support level will give bears a solid opportunity to add to positions or re-enter short. IF we can stay below 2.0300, THEN I am expecting follow through to the downside to test 2.00 even handle. Good trading, Luke
Short
by Beebags
EURGBP: Pullback Right into the TrendHey guys! After EURGBP broke through last week or so with an absolutely beautiful Complex Head and Shoulder's Pattern, I spotted that the profit target for the H&S Pattern would actually pierce through the 0.74850 Major Resistance Level! (Pink line). Weekly also show a sharp downtrend, with the H&S Pattern head directly touching the 61.8 Fib level What influenced my decision: -General trend for Weekly is very bearish -Prices just retraced and reversed to the 61.8 Fib Level on Weekly -Profit target for H&S Pattern shows it would pierce through Hmm, for now, I'm staying bearish! If so, I'll probably wait for a retracement back to the level before selling! Maybe someone can shed some light on whether 0.74850 would hold? :) Complex Head and Shoulder's Pattern: thepatternsite.com Good luck guys! May the pips be with you!
Short
by GenesisCTY
AUDNZD INVERSE HEAD AND SHOULDERS WEEKLYAs you can see from the chart above, AUDNZD has made a habit of moving in major bull and bear cycles, each one lasting anywhere from three to five years. We just happen to be coming off a four-year decline and forming a possible inverse head and shoulders pattern in the process. Since November of last year, the Aussie cross has continued to bottom and is now trading less than 200 pips below the pattern’s neckline (shown below). What stands out about this particular structure is how skewed the risk/reward scale is at the moment. The measured objective is a massive 1,300 pips from the neckline, giving us plenty of upside to work with while limiting downside risk via the well-defined neckline. Should AUDNZD confirm the pattern with a weekly close above the level shown below, we could be looking at a multi-month rally toward the 1.2780 handle.
Long
by Stefan17