SGDJPY has been trading in a trading range between 74.5 and 76 since mid-April.
It looks like it has created a massive inverse head and shoulders inside the range that completed last Friday.
The target of the head and shoulder is around 78 but there are few resistant zones along the way that might pause or stop the price from reaching the price target.
Those levels are good to take some profit off or hedge your long trade if you want to swing trade this setup. (I'm going to analyze the price action around those levels if and when the price gets there.)
Considering the general weakness of JPY, I believe there is a good chance for this setup to work out and hit some of the targets.
It looks like it has created a massive inverse head and shoulders inside the range that completed last Friday.
The target of the head and shoulder is around 78 but there are few resistant zones along the way that might pause or stop the price from reaching the price target.
Those levels are good to take some profit off or hedge your long trade if you want to swing trade this setup. (I'm going to analyze the price action around those levels if and when the price gets there.)
Considering the general weakness of JPY, I believe there is a good chance for this setup to work out and hit some of the targets.
Comment:
D
Comment:
Hit the first targert.
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trade is up almost 2R not a bad place to take some profit.
However, looking at the strengths of the market it seems like it is not a bad idea to run the 2nd target and the final target of the inverse head and shoulders around 78.
However, looking at the strengths of the market it seems like it is not a bad idea to run the 2nd target and the final target of the inverse head and shoulders around 78.
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Comment:
Nuked the 2nd target, looks very strong.
I believe the full measured move target can get hit if it manages to close some high time frame candles above here.
I believe the full measured move target can get hit if it manages to close some high time frame candles above here.
Comment:
a daily close above 77 and holding it as support can be a good sign for continuation.
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It's shy of the final target of the invest head and shoulders. there is some resistant structure at this Level that price is consolidating under it.
there is not any special sign of weakness yet it just look like an ordinary consolidation at the moment.
so there is a good chance for price to hit its final target and even go higher but its better not to risk the profit that is already on the table.
It's a good idea to start scaling out of the rest of the position in this price zone.
I consider this trade done for now.
there is not any special sign of weakness yet it just look like an ordinary consolidation at the moment.
so there is a good chance for price to hit its final target and even go higher but its better not to risk the profit that is already on the table.
It's a good idea to start scaling out of the rest of the position in this price zone.
I consider this trade done for now.
Trade closed: target reached
Comment:
Comment:
+3R