in this video - The Head and Shoulders video describes the psychology of the pattern, the sell signal, the expected average historical max decline from the sell signal, and two chart examples.
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- How to trade Head and Shoulders in Forex
- How to Trade the Head and Shoulders Pattern Part 1
- How to Trade the Head and Shoulders Pattern Part 2
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There is some article about Head and Shoulders which may be good to read for newbies and to experienced trades and coders:
Exploring Trading Strategy Classes of the Standard Library - Customizing Strategies :
This article is intended for novice/beginner users who want to approach some kind of customization with functionality and without writing an EA from scratch.
In MetaTrader 5 we have a great possibility of expert trading with a minimal or zero knowledge (and skills) about programming language and coding of sources, thanks to the one MetaEditor feature: MQL5 Wizard. The Wizard (we are not going to explain its detailed working here in this article) is intended to generate finished programs (.mq5 and .ex5 files), algorithms and code. It benefits from using MQL5 Standard Library and its Trading Strategy Classes (which are great resources).
There are lots of trading strategy classes present in the Standard Library actually, some of them are already very good and come from more-or-less famous studies about financial markets and profitability analysis. There is at least one strategy for each indicator from the standard set of indicators that come with MetaTrader 5.
To establish trading signals from these Trading Strategy Classes, MQL5 Wizard uses a mechanism that calls indicator's behaviors made-up by a logic coded in the form of "trading patterns". And every specific generated EA calls to indicators (via #include instructions) and their sets of patterns and trading decisions that are then imported into the EA core for the purpose of trading.
There is some interesting logic of mql5 programming language concerning MT4 for example so I am suggesting to read this article to everybody. Besides, as we know - mql4 and mql5 programming languages are very similar for now with the recent builds of MT4 for example.
