USD/JPY - Head and Shoulders

FX:USDJPY   U.S. Dollar / Japanese Yen
Here we have a nice head and shoulders setup on the 1h chart for USD/JPY             . This is a very simple selling opportunity, we would be looking for an entry below the neckline but I would wait for the close of the candle before getting in!

I will be looking to close out this trade in profit between 111.700 and 111.500, always remember to keep risk low and never get greedy!
Trade active: Entered at the close below 112.800.
Trade closed manually: Closed out in profit at 112.250, right before the bullish move.
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Nice, at least you got some profit on that bounce. this is what i got, what do you think?
LewisGlasgow Tecnologia_Financiera
Nice chart very well detailed, I'm glad I walked away when I did I was expecting a larger move. I'm actually learning the wave theory at the moment but I mainly trade trends and harmonics.
+1 Reply
Thanks for getting back and yes I can see on the Rsi on 4hr chart lol I don't have a pip counter how much is 100 pips down from the neckline if you don't mind me asking?
No problem thanks for leaving some feedback, your take profit will be in the box area of 111.700 to 111.500 which will be 100+ pips depending on where you entered the trade.
TradZ LewisGlasgow
Thank You Sir! that was very kind of you. Really glad you responded. I guess I will have to learn pip movements(count). I thought 100 pips would be say from 112.600 to 112.500. Apparently not lol
Don't mention it I'm glad I could help! It's a good habit to be able to manually count pips, the example you provided would have been 10 pips so you were close lol! If price was currently at 112.600 then changed to 111.600 this would be 100 pips.
TradZ LewisGlasgow
Wow! very interesting! will you be willing to point me in the direction on how to manually count pips? And I g0t a little excited in hoped in the trade already(short), do you think this was too early? I was going to wait till it broke 112.6 but as soon as you replied the price was heading down so, I felt it was the time. I just wish I would have gotten in, in the 900's:(
TradZ TradZ
It broke:)
That was a huge drop, bet you're glad you got in when you did :)
Visit: http://www.babypips.com/school/preschool/how-to-trade-forex/pips-and-pipettes.html

The link above should provide the basic foundation for counting pips. I entered also after the close below 112.770 but I've kept risk low, stop loss is set above the previous high. There is still plenty of room to make some profit ;)
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