head and shoulders pattern on overbought market

Feb 4, 2019

Good morning, traders.

on audusd pair we have nice head and shoulders pattern in a clearly overbought market.
Just couple of hours ago the market has violated the neckline.
It gives us an opportunity to sell the market anticipating a bearish movement.

Targets are based on structure.
Stop is above head.

Good luck!

Feb 4, 2019

Note

one more retest of neckline

Feb 5, 2019

Note

Bounce from 0.72

Feb 5, 2019

Note

again the market is below the neckline

Feb 6, 2019

Note

hit the initial target

Feb 8, 2019

Trade closed: target reached