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06-29-2009, 03:54 PM
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#1 (permalink) |
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Join Date: Apr 2008
Location: DFW, Texas
Posts: 180
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GBPJPY H4 Inverted Head & Shoulders
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. |
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06-29-2009, 04:11 PM
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#2 (permalink) | |
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Join Date: Oct 2008
Location: San Jose, CA
Posts: 231
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Quote:
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 |
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06-29-2009, 06:12 PM
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#3 (permalink) |
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Join Date: Apr 2008
Location: DFW, Texas
Posts: 180
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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. |
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06-30-2009, 01:10 PM
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#4 (permalink) |
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Posts: n/a
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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?
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06-30-2009, 01:36 PM
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#5 (permalink) | |
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Join Date: Apr 2008
Location: DFW, Texas
Posts: 180
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Quote:
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. 
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