I’m watching charts and putting notes in and want to share with you guys what I have to see if what i’m putting is right…
I picked up the head and shoulders at the bottom of the move, but does this look like a double top reversal building?? When would you place your sell and where would you put your s/l and t/p?
Yep it does look like a double top is forming on the
1H chart, which would indicate a reversal.
If this was the way you wanted to go S/L would be at
the top of the last high (107.09) T/P 30 pips, but monitor
it past the last low candle.
But the daily is still trending up, it is Friday afternoon, (here
anyway) markets are nearly closed ??? Pubs calling.
Have fun.
PS Took 106.82 S/L 107.09,
Now at 106.53, moved S/L to 106.73.
So did you take that on a live account or on a demo?
What would be your overall goal of the trade profit wise?
1st off I prolly would not have taken this trade, but you
caught me between jobs & pricked my interest, I do not
normally trade U/J.
So I took it on a demo account.
Profit target??? As much as I could get out of the trade.
At the moment looks like it is going back to the uptrend.
What does U/J refer to?
Looking at the 2 thumbnails for 15m & 1H it is prolly
not a confirmed double top, but just a re-test of 106.82,
the uptrend is still at the moment intact.
A move down below the trend line would indicate a lot
more at this stage.
PS U/J = Usd/Jpy the chart we are looking at?
Oh Ok… so u/j is the same as usd/jpd. Just wasn’t sure. Ya, thats the right chart. I agree, it still does look like an uptrend. When would it become true that it’s a real double top? When it breaks down pasted the 106.06ish mark (neck)?
A true double top would peak at the same price line,
normally a resistance line.
Take a look through these common patterns, plus more
detailed explanations.
Stopped out 106.73, +9 pips.
