GBPAUD >> Head and Shoulders on 1H // Double Trade Opportunity

Good afternoon traders,

Today I found an interesting setup on this cross,
with a head and shoulders on the 1H timeframe which gives me a double possibility for a bearish trade.

To make it clear I am showing you the weekly timeframe.

>> Weekly <<


We can see here a beautiful up trend in an up phase with harmonious and growing picks and valleys.
I immediately highlight the closest support and resistance given by the price action (previous picks and valleys).


With Fibonacci we can see an interesting support zone which corresponds to the 23,6% of the whole movement.


And a zone between the 38,2% and 50% of this last movement.
We notice an excellent target confluence; we should take advantage of this resistance to trade the pull back because since we are in a resistance zone in a bullish phase.


Ichimoku shows there is now a gap, and it means that there is probably going to be a pull back.
The support zone that we noticed finds here its confluence, with a very close Tenkan Sen.


The BB show the gap too, with the moving average in the middle right next to the support zone.
In this condition it is good for us to look for a short entry and try to reach the support zone.

>> Daily <<


I can find the up trend here too but the phase is not moving, it is in range.
Yesterday’s candle was a Doji and it means that it was pretty hesitant.
The bullish force showed up during the day has been completely rejected.


Ichimoku shows that prices got closer to the Tenkan Sen and it represents a force and volatility loss and an effort for prices to go on with the uptrend.
It is interesting to see that there is a confluence of targets with the Kijun Sen which is in that zone.
I have to go down on lower timeframes to look for signals, so that I can analyze better this last movement in range.

>>H4 timeframe<<


From here I can analyze better the range and I can notice a support holding on prices that form a bearish triangle.

This could be a possible trade:


I am going on a 1H chart too, to see if I can find any movement with a better r:r entrance.

>> H1 <<


I notice here a beautiful head and shoulders giving me an excellent trade, with a better r:r:


I want to take advantage of the retest of the support zone to enter the trade, stop on the head of the head and shoulders, and tp on the weekly support. (Tp confluence)

I am luckily going to make my trade (waiting fot the break of the H4 timeframe support) even if this pullback won't happen.

What do you think? Do you like this trade? What would you do?