Tanvir2020

whats ur thought on this ??

FX:USDJPY   U.S. Dollar / Japanese Yen
breakout

Comments

We can't really call that a valid heads and shoulder actually. Cause Head and Shoulder is a Reversal pattern. Not a continuation pattern.

If that Head and shoulder appears at the top of an uptrend, then yes it can be considered as a possible reversal
+1 Reply
Tanvir2020 PassieFx
@PassieFx, Hey i Didn't know this. Thanks man. learnt something new
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shprice PassieFx
Interestingly there is some material on using a head and shoulders as a continuation pattern.. “In the previous chapter, we treated the head and shoulders pattern at some length and described it as the best known and most trustworthy of all reversal patterns. The head and shoulders pattern can sometimes appear as a continuation instead of a reversal pattern.
In the continuation head and shoulders variety, prices trace out a pattern that looks very similar to a sideways rectangular pattern except that the middle trough in an uptrend (see Figure 6.11a) tends to be lower than either of the two shoulders. In a downtrend (see Figure 6.11b), the middle peak in the consolidation exceeds the other two peaks. The result in both cases is a head and shoulders pattern turned upside down. Because it is turned upside down, there is no chance of confusing it with the reversal pattern.” Taken from the wise words of John Murphy.
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Tanvir2020 shprice
@shprice, hey man thanks for ur information
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Nice head and shoulders but this is just the effect of price, not the cause. You are seeing patterns not the *reason* price is moving...
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@ixndre, Tell me more about it. wanna correct my mistakes
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ixndre Tanvir2020
@Tanvir2020, No worries :) waiting on your response on dm
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wait to break sport line or back after touch
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