Head & Shoulders

FX:GBPUSD   British Pound / U.S. Dollar
Here I have a clean head and shoulders chart pattern with both shoulders holding the H4 S&R. On the right shoulder, we have a downtrend where price could be making a lower low. I will be waiting for price to fall to H4 support and a clean candlestick confirmation to go long and complete the right shoulder. My first TP is the next lower high on the trendline. I believe price will head back down for a retracement before heading up to the H4 Res. My second SL will be 50 pips below H4 support allowing the trade to breath.


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