Inverted H&S retest on Euro Yen - Intraday Short

FX:EURJPY   Euro / Japanese Yen
- Corrective Symmetrical triangle
- 5th sub wave left to complete on this impulse wave

- Wave 4 had a nice 0.5 - 0.618 retracement & Bounced
- Going up for 5th wave
- Breakout form descending channel , no retest yet
- Red Doji

4 Hour
- In this Major Wave 3, it does not look complete. It has not reached a 1.0 extension. Expecting upside to 133 minimum to complete wave 3
- Confirmed Breakout from Slanted Head & Shoulders pattern. Bullish but possible re-test?
- Breakout form descending channel . Bullish
- At Major Resistance. Possible Bounce down
- Ascending wedge . It appears to be broken out to the upside and also a small retest but this is not clear... Not a confirmed breakout yet

2 Hour
- Clear Bearish RSI Divergence
- Not breaking Through Major Resistance
- Bullish hidden divergence? Previous retracement on price formed the same Lower Low on RSI

Trading Plan 1
- Short the Breakout of the ascending wedge
- Place entry at 130.70,
- Place SL above swing High
- Targets: wave 1 Support & 0.5 - 0.618 Fib
- 129.70 - 128.7

Reason to short:
- Ascending Wedge
- Major Resistance
- RSI Divergance
- 5 wave complete, correction expected
- Retest of Head & Shoulders Neckline
- Retest of descending channel breakout

Reasons not to short
- Hidden Bullish divergence on 2H RSI
- Not oversold yet on Daily RSI

R:R = 0.9 - 1.7

Plan B:
Wait until pullback on trading plan 2

Trading Plan 2
- Enter Long on Retest to play the H&S pattern on the 4H chart up to the Weekly Trendline resistance and to complete the Major 5th wave... This is for later


Thanks for reading, any comments are appreciated


Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out