AUDUSD - Inverted H&S in play since 2014-03-20
Posting this chart for future reference, either as a valid pattern (against RBA policy expectations), or a nice example of pattern failure...
Entry: 0.9050 (trigger line)
Stop: 0.8885 (below the right shoulder)
Target: 0.9490 (inverse H&S target projection)
This one is purely technical and don't take into consideration the news.
Reasons to validate the inverted H&S:
- April-November 2013 down trendline breakout
- H&S trigger line breakout
- 100dma acting as support on 2014-03-20
- 200dma crossed on 2014-03-25 without sellers entering and rejecting it
On potential retracement of this breakout up move I'm expecting either:
-200dma to hold at 0.9144
-Retest / kissback of the brekout trendline in the 0.9090 area.
- Ultimately 0.8922 swing low should hold.
Now, let's have the market make his move and prove the pattern wrong, or give us the reward...
Posting this chart for future reference, either as a valid pattern (against RBA policy expectations), or a nice example of pattern failure...
Entry: 0.9050 (trigger line)
Stop: 0.8885 (below the right shoulder)
Target: 0.9490 (inverse H&S target projection)
This one is purely technical and don't take into consideration the news.
Reasons to validate the inverted H&S:
- April-November 2013 down trendline breakout
- H&S trigger line breakout
- 100dma acting as support on 2014-03-20
- 200dma crossed on 2014-03-25 without sellers entering and rejecting it
On potential retracement of this breakout up move I'm expecting either:
-200dma to hold at 0.9144
-Retest / kissback of the brekout trendline in the 0.9090 area.
- Ultimately 0.8922 swing low should hold.
Now, let's have the market make his move and prove the pattern wrong, or give us the reward...
Trading success is not going to be entering winning trades, but how you exit your losing trades.