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specialk499

Head and shoulders Forming. Market Pullback?

Long
U.S. Dollar / Japanese Yen (OANDA:USDJPY)  
specialk499 Updated   
OANDA:USDJPY   U.S. Dollar / Japanese Yen
Trend Analysis Chart Patterns Wave Analysis
4
0
trendanalysis chartpattern waveanalysis
Head and shoulders pattern seems to be forming on the 4hr time frame. Weekly chart shows a somewhat ranging market and daily chart is at a support zone. Seems right for the pickings. Let's see how this one go. First TP should be around the neckline area, second TP if pattern continues to form and break through neckline, ride it up to support.
Trade active
Comment:
Nearing Neckline area. Get ready to lock In some profits. Keep an eye out on this key zone. If price breaks up from there, it should be an explosive move to the upside completing the pattern.
Comment:
Price action has invalidated my idea by forming a second mini shoulder. Profits locked. Trade close.
Trade closed manually
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