We've broken the head and shoulders pattern that Ive been eyeing on the daily chart, a close below that level today would be a nice sign of confirmation. However, on the hourly chart we have an ABCD pattern completed at a 1.618 ext, so there may be a short term bullish move (or massive rally, not sure). I don't try an predict market moves, I simply make a plan for...
Sticking with the prevailing trend on the higher time frames and looking for a possible short entry to get in on should this thing break to the downside based on the 1D chart. The area where this harmonic pattern would complete comes in at a previous structure level on the 15m chart.This may serve as a possible short entry should there be SIGNS that the market...
Similar to the Head and shoulders short trade that I took on the GBPNZD 1h chart, I think that a similar move can be expected here on the USDJPY 1d time frame. We have a prevailing bearish trend and a pretty good risk to reward using the projection from the height of the pattern; a profit target at the 1.27 ext would yield just better than a 1:t risk to reward for...
Seen this head and shoulders set up on the 1h, not the typical spot but this pair is in a down trend by my judgement, so with that behind my back I took a short entry at 1.8253. Stops are now in profit around 1.8228 targets at the low 1.8100s (based of height of pattern). If it makes it (which I think it will based of the bearish trend on daily) sweet! If not, its...
I've been watching this pair for the last week or so, following a simple set up of a bear-flag/pennant formation with a profit target of a 127 ext or a simple 1:1 ratio (trailing stop to reduce risk). This strategy yeilded 70 pips this morning alone for a decent profit and I believe there is still plenty of downside. The key here is to trade WITH the trend...
