USDJPY H&S with Elliott wave analysis H1
I admit missing this trade because it's H1 time frame. However, when looking back , I think it's worth to study the price structure and its behavior for the future use.
USDJPY H1 Time frame formed the reversal chart pattern called "Inverted Head & Shoulders". This one has a little complex right shoulder but it's normal to happen.
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When we see Inverted H&S forming. The first thing is to try to connect the peak of the swing high. As a result, we can have a line called "Neck Line".
The entry is where the price broken and closed above the neck line. Some advance traders might find the throw back to the neck line is a better entry point.
Then, project the height of the head to neck line from the break out point to get the target profit level. This is the classic method.
For the stop loss, place it just below the previous swing low.
Obviously , this one is went well to the target profit. That's great!!
If incorporate the wave count to the chart, there will be one more impulsive wave 5 to reach because I just labeled wave 4 after it touched the Lower Bollinger Bands.
Tanakorn Koomrampai, CMT®, CFTe®
Disclaimer: This is my personal view and is not trade recommendation. It's for educational purpose.
USDJPY H1 Time frame formed the reversal chart pattern called "Inverted Head & Shoulders". This one has a little complex right shoulder but it's normal to happen.
.
When we see Inverted H&S forming. The first thing is to try to connect the peak of the swing high. As a result, we can have a line called "Neck Line".
The entry is where the price broken and closed above the neck line. Some advance traders might find the throw back to the neck line is a better entry point.
Then, project the height of the head to neck line from the break out point to get the target profit level. This is the classic method.
For the stop loss, place it just below the previous swing low.
Obviously , this one is went well to the target profit. That's great!!
If incorporate the wave count to the chart, there will be one more impulsive wave 5 to reach because I just labeled wave 4 after it touched the Lower Bollinger Bands.
Tanakorn Koomrampai, CMT®, CFTe®
Disclaimer: This is my personal view and is not trade recommendation. It's for educational purpose.
