USDCHF Head-and-Shoulder Trade

USDCHF Daily

Finally this setup materialized on Friday. I went short right on break of neckline at 0.9215 and currently my stop is just above neckline at 0.9240.

I am watching setup from past week, since the formation of right shoulder. Initially, I went short while right shoulder was still forming. Previous post and trade details [here].



Normally in such setup, price retraces back to the neckline and them backs off. I expect the price to retrace back to neckline and then go further down. 

At neckline, if I see any sign of backing off, I might increase my short position size.

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UPDATE 18DEC12 - 2:02: Trade is working out very well.

Looks like price is not bouncing to neckline again.

I locked in 15pips on this one and moved my SL to 0.92 now. 





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UPDATE 18DEC12 - 15:55:
I booked my short trade at 0.9140. 

It's a +75pips. A good one.