Today a nice Head and Shoulders Pattern appeared on this EURUSD 5 min chart.

The advice I may provide you with is to wait for the left shoulder and the head to appear.

A trader should then wait for the retracement back near to the neckline for the right shoulder and then take a short position.

The distance from the head to the neckline should be measured and then projected downwards.

The stop loss should be over the right shoulder.

 

Best of PIPS