I am trying to figure out if my perspective of the head and shoulders is correct? I’m trading on a Demo account and supplied a picture of what I seen. Is this right? if not… why?
This is a H1 chart of USDJPY, just put in my [B]buy[/B] at the tag.
you’ve read the pattern right, but the buy should actually be around 105.3 on the break of the high of the second shoulder.
ya, was a little late an hesitant…
…but it looked like it’s working out… :D:D:p
Yes thats correct, I call it a CROWN so that would be a reversal crown in my book. However my entry for these formations are a bit different I enter on candle formations at the right tip(the low to the right).
See pic of a previous KING’s CROWN trade.
awesome! love the charts. If you got them, please show for us visual learners…
Guess what?.. I had that one also. I pulled out at 1.5809 - @210 profit. up $936 in 2.5hrs.
I think i’m starting to get this stuff. Not getting a big head. I just padded 8th grade 
i just tried a double top… how does it look? How do you know when to get out of a trade after a double top or bottom?
You wont see these formations on a daily basis, they are scarce. Keep reading theres alot more to learn.
First let me note that i am not a fan of any time frame below 1H. However whenever I trade a double top I set my SL 10-15 pips above the last high. I always anticipate a bounce off the center tip. My R/R is 1:1.5 or greater, so if the possible profit from such trade does not match I do not enter. Vice-versa for Double Bottoms.
See Chart below. This would be a good trade imo for the 1M chart.
Personally I would have been buying on those highlighted circles and selling where your tag is. “Buy low, sell high” and you appear to be buying right at the top. I’d sell where it is now and put my T/P at about 105.00.
Ya, I caught it a little late. I wasn’t too sure of it. I just got through the 8th grade…