Long at 168.2 (Revised Reverse H&S)

FX:GBPJPY   British Pound / Japanese Yen
81 1
So, my previous SL was taken out last night.

There seemed to be a large down at the open of the Europe markets (for no official reason that I could tell) and then a back up (which tells me that SOMEONE WAS TAKING OUT LONG STOPS).

I guess lesson learned: 1) Relatively quiet for 8 hours on the 2HR chart before the EU/GB open and 2) Nikkei down, equates to tightening SLs and get ready for a reversal.

I still favor long through the weekend (and had entered long last night when a hammer candle formed on the 5M chart), unless a Eastern Ukraine or Moldova issue comes up.

Moved my SL to a TP stop this morning.

your chart is way too busy. but be that as it may, drop down to H1 and look at what the kumo was telling you on that chart. also, look at where price is relative to weekly and monthly pivot points (traditional). furthermore, if we get a rejection at or just before the weekly pivot point and a major fib level, and which was a 2nd failed attempt at break the previous weekly high, all of which was the case yesterday, and start dropping back down towards the cloud and bollinger band midline, then why go long? finally, forget about MAs: too much lag and inverse H&S fail more often than not, just like Gartleys 222/butterflies/bats/crabs, whatever you wanna call them. sometimes sure they seem to work and many time they just fail miserably. good news is: there is another key to the market. and that's all am gonna say. good luck.
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