FX:EURJPY   Euro Fx/Japanese Yen
406 2 0
Very short-term setup. We might have some sort of H&S there. Though, I wouldnt jump to the long side just like that as ECB presser just is around the corner but I wouldn't ignore this one either.
2 years ago
Are you sure that's a valid H&S ?
The symmetry should be much more symmetrical, should it not ?
If only to define a better point of entry, stops and TP.
Plus, depending on the point of entry, the severe up angle
looks like just barely a 1 to 1 risk reward.

I hope it works well for you and adds pips to your pocket !!!!

I would suggest/caution new traders, however, that, over time, symmetrical
H&S's will reward your pocket with much greater probabilities.
{{My wave count does look for price to reach 140.00/50 area
completing a counter trend move looking to short a resumption
of the larger degree corrective continuation downward}}
capitalpropertiesfx dojitrader
2 years ago
hey DojiTrader. You are absolutely right. This is not a good H&S. I just pointed out that it MIGHT be there. As I wrote under the chart, I wouldn't jump to the long side just because it is there.
Concerning H&S in general, I don't like the pattern @ all and I rarely trade them. I just make a note that if it is there, I'll keep it in mind. What I do like about H&S is when the pattern plays out, I tend to use its neckline later on as a possible support and resistance level as overtime it has proved to be fairly useful.
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