The analysis published is of the GBPJPY pair. The potential opportunity I am presenting is a long position. Why ?
The thoughts behind this are the potential formation of a inverted head and shoulders pattern. The trade was entered on
the right shoulder that was in the 0.5 and 0.618 fib range, where it has since pushed upside. I entered the trade at 130.800 and is...
eurusd came back into demand zone which was respected on the higher timeframes. Price came back and has created an inverse h&s which should indicate that buyers are going to come in control and raise price.
At the beginning of the downtrend, we can see that the trending environment is weak as waves 1-2 are quite long, which signifies larger retracements. However, looking at wave 3-4, we can see that it is short, which suggests a stronger trending environment. Thus, we can assume that there is stronger selling pressure as the market continue downwards.
what really makes a head and shoulders to someone ?
does it have to look like the ones you see in the example, (subjective still right ?), go to daily chart for better perspective , when things look muddy always go higher.
SET P.As at reasonable places consider price retests before breakout )as it does , if breakout achieved (anticipate retest of broken line)
(longterm) find entry on 4hr after signal shown on retracement line.
(late entry) after neckline as principle states but "F" that if you know yourself., tp could be before resistance line for safety or P.A and watch. if price is in that area at or near end of week , take profits and watch for break following week or so
Hochschild Mining was a higher yesterday against a backdrop of red in UK markets. The shares appear to have been in the process of bottoming out over the past few months and have now completed an inverse head and shoulders bottom. This is a powerful reversal pattern and suggest there will be more upside over the medium term....
Price at support level spiked up on positive Australian CPI. Now could be forming an inverse head and shoulders pattern. Divergence on indicators. Today's FED meeting should cut rates and weaken dollar (as Trump wants). This could be the trigger as the neckline breaks to go long. Good Luck!