journeyofarookie2.0
Short

Potential Head & Shoulder

FX:GBPJPY   British Pound/Japanese Yen
98 1 3
This pair is offering us a potential head and shoulder on this timeframe, with equal highs and lows on the shoulders.
Aggressive traders could place sell orders a few pips under neckline with first targets at retest of previous structure high and second target at retest of the lows.

Stops could be placed 10 pips or 1 ATR above right shoulder.
Trade closed: target reached: Setup played quite well (wish I could have taken that trade but stop was too big for my rules)...

Those who took the trade have now banked profit as T1 as been hit and stop can be moved to BE : now risk free trade !
Would be good to get a breakdown in the GBPJPY!! followed you :)
+1 Reply
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