EUR/JPY - Inverse H&S - Trade the break

The idea is to trade the break of the neckline with a 1 candle time filter for confirmation. SL below the 2nd shoulder and the target based on the Minimum Price Objective which coincides with an important resistance level. For those who want additional confirmation could wait for the break of the downtrend line.

Note

There was a close above the 50d ema, which is a bullish sign alongside with the STCH looking to give a buy signal, but probably only after the break will occur.

Note

Still waiting for the 4h candle close above the neckline to get in the trade.

Be patient and you will be rewarded!

Trade active

The break and 4h candle close finally happened and the trade was opened despite the fact that the risk-reward-ratio is a bit smaller now.

Now, for the pattern to be ideally respected we should see a return move to retest the neckline, which is highly likely. Thus, those who missed the entry could open the trade between 112.6 - 122.7 level.

Note

correction: 128.6 - 128.7!

Trade active

Everything goes as expected. We had a pull-back to the neckline and even retested it twice. Now it looks like we are going to see a strong rally towards our projected target.

Thanks to all who liked this idea, really appreciate it! Subscribe if you like my other ideas.

Note

Currently, the price is testing the 200d EMA and there should be a break and close above it to shift the neutral bias to more bullish.

Trade active

A quick update. Target almost reached, the bullish bias prevails. We should get a correction after such a move. Hopefully, it will happen after the target will be hit.

Trade active

Moved the SL to break even area!

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