JayDidder

AUD/JPY Head and Shoulder formation

FX:AUDJPY   Australian Dollar/Japanese Yen
28 2 0
Reverse Head and Shoulders formation on the 5 minute Chart. Looking for break of the neckline to get long.
Thanks @lovelace, I appreciate the feedback!
Reply
Head and shoulders is a reversal pattern. Bearish head and shoulders signal the reversal of an uptrend, and bullish head and shoulders signal the end of a downtrend. This bullish head and shoulders pattern is happening during an uptrend, so while it looks like a head and shoulders pattern, I don't believe it is. Your forecast may end up being right, because the market can go in any direction at any time, but the head and shoulders pattern that you see isn't really there. Keep studying, as I definitely am!
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