Captain_Walker

EURUSD fell out - is that a head and shoulders?

FX:EURUSD   Euro / U.S. Dollar
EURUSD             fell off a ledge today. In retrospect, I think there was possibly a head and shoulders in there. If so, this could get even more interesting.

I'd be delighted to hear from H&S experts out there.
I wouldn't get sold on looking for any special pattern here, you can see similar on GBP/AUD. It's a consolidation pattern on an up-trend, a range with an uptrend bias. The most important aspect is the consistent rejection of the highs, each time becoming lower, showing a lower high with the slowly declining baseline holding support. To trade it, I'd be buying the lows and selling the highs of the range, as I have been, and I have done the same on GBP/AUD. You're going to do well from the range, and hopefully will also catch the breakout, I did because I held 50% of the profits from the last high and saw that buying volumes were not corresponding on the final baseline low, hope that helps.
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