DOAFK

GBPJPY Head & Shoulders Pattern Trade

Short
FX:GBPJPY   British Pound / Japanese Yen
GBPJPY looks to be rejecting the upper boundaries of the channel and in the last few weeks has formed a head and shoulders pattern. I have annotated this on the chart.

We are currently rejecting 141.00 and forming the right shoulder. There is signs of intraday rejections in this zone.

I have TP's set at the "neckline" at 139.500 and then a TP2 at 138.00 which is calculated using price forecasting.

Stop loss placed above the left shoulder highs.
Trade active: Short trade entered @ 140.800

Potential R:R of 5:1
Trade closed: stop reached: Stop loss hit.

Related Ideas

Comments

so I was right as u can see now😁😁
+1 Reply
DOAFK mkahakon
@mkahakon, Feel free to share your own trades and analysis on here. So we can see your skills in action
Reply
@DOAFK, i do day trading mostly but i can submit my comments on your ideas when i see something convenient.
+1 Reply
DOAFK mkahakon
@mkahakon, Sure
Reply
l think it will go higher crossing the middle top as u.are.thinking it's triple top. but because it will go higher, it is a double bottom for me so I think the price will go up further much. NATTY
+1 Reply
its a 4hr triple top bro , nice chart GJ is one of me favourite trading pair 👌.
+1 Reply
this is not head and shoulders
this is triple top may be price goes down
+1 Reply
😁
+1 Reply
no it's not head and shoulders it can be double bottom by max.
+1 Reply
DOAFK mkahakon
@mkahakon, Thank you for your opinion, I still believe at the time of posting this that it was/is a head and shoulders pattern. And GBPJPY has the potential to drop from here
Reply
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