GBPJPY H4 Inverted Head & Shoulders

Shaun Overton · 06-29-2009, 04:54 PM

Take a look at the attached chart.

The inverted height is 550 pips and the break occurred at 157.75. That makes for a price target around 1.635 on this break.

Disclosure: Currently long GBPJPY.

noob_trader · 06-29-2009, 05:11 PM

Quote:

Originally Posted by Shaun Overton

Take a look at the attached chart.

The inverted height is 550 pips and the break occurred at 157.75. That makes for a price target around 1.635 on this break.

Disclosure: Currently long GBPJPY.

Hi Shaun,

Cool setup, Looks like many people are watching this setup.

See this from Kathy lien on the same pair

GBP/JPY Could Break 160 on Fixing Flows | Kathy Lien

Cheers,

Noob

Shaun Overton · 06-29-2009, 07:12 PM

Noob,

Thanks for that link. She has some interesting points.

What caught my attention is the potential head and shoulders pattern forming on the daily chart.

If it really did go to 163 and top out... any subsequent breaks of 155 would be wildly bearish. Eyeballing it, that would anticipate a 1,200 pip move over the course of 10-15 trading days. Looks like a juicy formation to watch for.

06-30-2009, 02:10 PM

i can see the first patterm you are referring to, but am not able to establish on the daily charts the points you are using to anticipate a head and shoulders pattern, on which you suggest a possible 1200 pip move over 10-15 days. Any chance you could clarify this for me please?

Shaun Overton · 06-30-2009, 02:36 PM

Quote:

Originally Posted by TotalTrader

i can see the first patterm you are referring to, but am not able to establish on the daily charts the points you are using to anticipate a head and shoulders pattern, on which you suggest a possible 1200 pip move over 10-15 days. Any chance you could clarify this for me please?

TotalTrader,

I'm not saying that one exists yet. What I'm saying is that if the H4 pattern plays out and the price pulls back off the 163 area, it would indicate the potential of a head and shoulders break on the daily chart.

07-01-2009, 12:04 PM

ah ok thanks for the quick reply.

06-29-2009, 07:12 PM	#3 (permalink)
Shaun Overton Badges About Assets Join Date: Apr 2008 Location: DFW, Texas Posts: 154 InformedPoints: 19.44 Funds	Noob, Thanks for that link. She has some interesting points. What caught my attention is the potential head and shoulders pattern forming on the daily chart. If it really did go to 163 and top out... any subsequent breaks of 155 would be wildly bearish. Eyeballing it, that would anticipate a 1,200 pip move over the course of 10-15 trading days. Looks like a juicy formation to watch for. __________________ Shaun Overton OneStepRemoved.com MetaTrader Programming & Strategy Development

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06-30-2009, 02:10 PM	#4 (permalink)
TotalTrader Badges About Assets Posts: n/a InformedPoints: 0 [Points Log]	i can see the first patterm you are referring to, but am not able to establish on the daily charts the points you are using to anticipate a head and shoulders pattern, on which you suggest a possible 1200 pip move over 10-15 days. Any chance you could clarify this for me please?

07-01-2009, 12:04 PM	#6 (permalink)
TotalTrader Badges About Assets Posts: n/a InformedPoints: 0 [Points Log]	ah ok thanks for the quick reply.