Head and shoulder formation

Beginner Questions
1

Hi guys. I just wanna know if that is a head and shoulder formation forming on EURAUD daily chart?

2

I think so, but Fred flintstone is looking to the left. Which explain the higher left shoulder.

Screenshot_20170920-220054.jpg1080×1920 686 KB

3

Lol okay. I was refering to the D1 chart…and yes the right shoulder looks a little higher

4

Not to be a kill joy or anything… I stopped trading H&S patterns about a year ago, just because they’re not as predictable as you may be led to believe. In this case, I would wait for a breakout of the neckline. Then again, if you are feeling aggressive, you could go short at the close of the current candle, keeping in mind we’re Thursday, and you would need to hold a new position over the weekend, or take a scalp profit when price comes back down to the neckline.

There’s a little known trick to trading these. You can wait for the head to form, wait for price to come down to the neckline, and then place a limit order to go short level with the left shoulder. When the right shoulder forms and your order triggers, wait to take profit when price comes back down to the neckline.

5