H&S USDJPY 4H short
Updated
Thanks to "justshortcut" in the private chat room we have this H&S trade on the USDJPY 4H chart. You may have missed the entry at the break of the neck line @113.00. There is another possible 2nd entry . Go to a 30 m chart and draw an ascending trend line. Wait for a break of the trend line with a "Break - Hook - Go" for an entry (Break the trend line - Hook back to the trend line - and Go), or enter at the break of the support level @112.26 (or that could be a 3rd entry) !st TP option is found from the swing low support point that the H&S began @ 111.72. The 2nd TP option is to measure the distance from the top of the Head to the neck line (150 pips). Then measure 150 pips from the neck line to 111.50. SL is swing high by current price. We have many different strategies to learn on our blog and we are constantly coming out with new strategies for traders to learn every week. Visit us below on the website, Twitter or Facebook.
Note
30 m ascending trend line (TL) was drawn. Prefect break-hook-go setup. Pair broke TL,struggled for 5 hours then pulled back to the trend line and stayed above the TL for 4 hours. Then it broke TL again with a break-hook and go. I entered at the break of the support level @ 112.58. I will close 1/2 of my position @ 112.05 and let price run to 1st TP @ 111.72. There should be a bounce, hesitation and then a Break-Hook-Go for another entry heading for the 2nd TP @ 111.50 where my "take out pizza order" will be sitting at 111.55. I will be following price with a trailing SL as I move my SL just above the high of the previous candle current price.
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