Cashed Out Our Long At 135.35

FX:EURJPY   Euro / Japanese Yen
Right shoulder has now been broken to the upside, looking for pullback to test/rest on top of right shoulder, 135.10 area, as per yellow arrows.

CCI holding on our 240 charts as well to support our continued long bias.

Target: 136.40
on H1 it looks diff than on H4 or H8. that first little 'peak' that seemed it could be the should proper might just be part or the general up-move that when it turns down will form a slightly higher right shoulder. i mean, on a higher time frame than H1. so in keeping with my role of devil's advocate, i'll say the jury is still out. ;)
EURObull isomorph
You are awesome, love the dedicated enthusiasm!
The head and shoulders pattern can be one of the most popular setups to take out traders. They definitely work some of the time, and we have profited nicely on broken setups many times also.

I'm sure you're still in amazement we're sitting up here in the 135.20s, and if/when we do hit the 136.40 area, we will clearly the truth of these popular setups, made to be broken (on certain occasions).

I have layered longs, expecting another pullback to clear out stops under the 135.10's.
Were you/are you still short from a day or two ago?

isomorph EURObull
LOL you are right! i have to admit i am quite surprised. didn't honestly expect it to reach 136.40. i gotta say you really know your EURJPY. just wow!

to answer your question, i wasn't watching the market these past 1 or (2?) day(s). i didn't take any trades either long or short on EURJPY because neither do i feel nor know this ccy. what happened is that your analysis picked my curiosity because i just could not fathom one would go about wrangling this widowmaker (EURJPY) only with the CCI in the holster, and thought this would be as good an opportunity as any to flex my analytical muscle, so-to-speak.

i do find it extremely amazing that you can be so confident that your targets will be reached so much ahead of time, considering that anything could happen. especially, i don't get how from 133.50 it was clear it would keep going to 136.40. i can see the turning point on my chart but the positioning of price relative to the other studies i have on there shows we are nearing the end of this bullish retracement that started weeks ago, hence i expected to see the short side favored, but i should have been paying more attention as technically speaking, yes, at the beginning of this week one should have been positioned long just in case.

anyway, looking at it on a longer time frame, i still stick to the cautionary statement i made regarding the thick blue line (a demarcation of sorts on the screenshot) as it is smack in the middle of a major resistance zone. if it is completely taken out, then only will i be looking to find a long entry point once price action sits above this resistance zone (for those just catching this thread, it's because i came late to the party, and didn't see the beginning of the retrace in mid-april as i never trade the EURJPY).

i still don't understand how you can be so sure the ccy's momentum will always carry it to the levels you identify.

truth be told, i see no bearish signals on daily or weekly and i can only guess EURJPY will either hit a wall and have a bearish continuation, or genuinely retrace the previous bearish fall from last year. so on weekly and daily i see this past move up as just a retrace before continuation down.

on H4, no turning point yet, just the details of the unfolding (into next week) of the collision of the ccy with resistance:

if i have time to monitor intraday next week, i'll try to make short term 'forecasts' for H1 and H4, and see what i need to adjust in my approach. but damn, the EURJPY is hard to trade. most excellent job you did! bravo! :D
EURObull isomorph
Thank you Iso, this is a true passion and really appreciate the kind compliments
EURObull isomorph
Thank you Iso, really appreciate the kind compliments!
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