USDJPY (H1) IHS brake_out.

FX:USDJPY   U.S. Dollar / Japanese Yen
332 10 10
H&S applies to the top portion of an impulse and the first part of a corrective zigzag, when they do work. When they form a flat, people get stopped before it falls...Can also be a truncated fifth.
This one doesn't look like that, in fact, the move right now looks like a terminal wedge lacking the last wave up.
rv IvanLabrie
thanks for comment.
As long as the shoulder holds, its valid. Remember, everything we see is a perspective.
I agree on that part, but I just prefer to not rely on this geometric formation...The only patterns I look at are ending diagonal and contracting/expanding triangles which stem from EW.
rv IvanLabrie
sure Ivan, dont use it that often too, but lots of people do.
You can see H&S' everywhere if you want to find them...too vague in my opinion.
If you can make it work for yourself, that's perfectly fine.
My friend jangseohee uses H&S a lot for example.
rv IvanLabrie
Just happened to see an IHS on this one, m8. :)
+1 Reply
I don't understand this. What i thought was:
It is way overbought.
It has broken the trendline indicating a drop.
It is in an upward channel, why not buy at the bottom of the channel?

Three reasons for a a sell. Why is this head and shoulders thing so relevant to compensate for all the negative signals?
rv joryan
ok if it suits you, buy it whenever you like, as long as the shoulder holds. good luck
So it is a matter of timing? I look at shortterm signals, and you are talking about a long term movement upward?
rv joryan
yes, at the time of the trade, the above sell signals were not valid.
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