GBPAUD - Head & Shoulders Set-up
Updated
A Head and Shoulders pattern has formed on the 
GBPAUD Daily Chart.
With a break of the neckline at 1.67825, one could go SHORT in anticipation of a breakout. I would not think about shorting this pair until the break happens, so keep an eye on the chart or set an alert up to be notified of a touch or break of 1.67825.
ENTRY
Pending SELL ORDER at 1.67800
STOP
Just above the shoulders at 1.70100
TARGETS
Target #1 - 1.66270
Target #2 - 1.65000
Target #3 - 1.63910
GBPAUD Daily Chart.With a break of the neckline at 1.67825, one could go SHORT in anticipation of a breakout. I would not think about shorting this pair until the break happens, so keep an eye on the chart or set an alert up to be notified of a touch or break of 1.67825.
ENTRY
Pending SELL ORDER at 1.67800
STOP
Just above the shoulders at 1.70100
TARGETS
Target #1 - 1.66270
Target #2 - 1.65000
Target #3 - 1.63910
Note
Slowly but surely setting up. We should see a break or bounce over the next couple sessions.Trade active
Trade InitiatedTrade closed manually
Closed 80% of position before news and moved STOP LOSS to 1.67760.Leaving the other 20% to run.
Trade closed: stop reached
STOP LOSS hit for a small profit before news. We will see if we did right by protecting. News in 5 minutes.Note
Retails sales and all data was negative. Could of pocketed some more pips, but we took some nice short term profit and live to trade another day.
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