usdjpy - Head & Shoulders Bottom Part 2 (The Pullback Entry)

FX:USDJPY   U.S. Dollar / Japanese Yen
In late October I shared a post here on Trading view & in a YouTube video about a head and shoulders bottom pattern that formed on the USDJPY . This was a pattern that had 2 different places to get involved depending on how you prefer to draw your neckline (Slanting Trendline vs. Horizontal Resistance).

The slanting trendline was violated weeks ago but it wasn't until yesterday that we saw a violation of the horizontal level of resistance, finally giving me an opportunity to get in for a long. I say long because we also had a short setup earlier this week prior to the break.

For this trade, I used a classic pullback technique which simply means after the break of structure I waited for the market to retrace back down into it and looked for a reversal signal for longs.

I'll attach a link to the original idea below that way you can see the bigger picture setup.

I hope you guys have a fantastic Friday and a GREAT Weekend!

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Think my horse got drunk when i wasn't looking on this one.
it doesn't know if it's going up or down.
think i'll just take a nap and see where i end up.
+1 Reply
Akil_Stokes mikesquest
@mikesquest, lol The Drunkhourse technique. I like it
Good afternoon, my friend, can the USDJPY pair be rolled back to 110 next week, or will there still be a reversal? Investing.com and another source should be actively buying! Thank you very much for the answer!
+1 Reply
@serij339, Honestly we never no what the market will do next. All we can do is make the best predictions possible and execute proper risk management when involved in our trades
Started out the week big win on this pair. after 2 more about even. getting better but still not good enough.
i'm with you on this one.
+1 Reply
Akil_Stokes mikesquest
@mikesquest, Congrats on the great start. Hopefully this one works out as well
I also Entered Short on this trade because I saw an RSI bearish divergence my targets are at the retest of the recent structure S&R 107.99
+2 Reply
@Sbusiso77, Very nice!
I see a short on this after successful retest of previous high.
+1 Reply
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