Potential head and shoulders? Need confirmation/guidance

Potential inverse H&S on the H1 USDJPY chart?

My skills are still emerging in spotting these, but it seems to tick all the boxes…

Thoughts?

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It looks very close to a head and shoulders pattern,
Maybe use Fibonacci to see whether the shoulders hit a level, if so, you can trade it as a high probability trade.

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I think, it’s a bearish trend! What you are wanted to do here, sell or buy?

no its no head and shoulders. its just nothing.

a tiny rather weak trendline has been broken towards the top. thats all.

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Super-imposing the IH&S pattern on price action does make this print an IH&S. Its therefore tradable short-term as a long from confirmation by breach of the neck-line.

But trading reversals can never be said to be low risk. You should win this battle but is this the right war?

Thankyou guys.

Just an update: I broke even on my buy positions and went to bed as It seemed that this IHS (which turns out wasn’t an IHS) was part of a larger bounce between the 23.6 and 50 fib lines on the daily chart.

Changing my thoughts to see if it bounces off the 50 in a week or so and then issuing a long order off the bounce.

no longs allowed on usdjpy untill it at least hits 110.

ideal would be 109.5

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Sounds perfect! Thanks

W could you please elaborate on why you think it will go short until 110?

no supports in sight. first halfway reliable support is around 110-109.

the intermediate trend is down since around 2 weeks. why would that change? no reasons for a change of trend in sight. first potential reason for a change is 110-109.

if you wouldnt had looked for change in trend but looked for a good entry point in the actual trend (short) you had made some nice gains so far.

and even at 110-109 it is no must that the intermediate trend will change towards long, its a potencial change zone. only after confirmation id go long.

remember. one green candle doesnt make a new trend.

the usd is weak. it formed a nice brake through in october but it did not manage to hold the speed/power and dropped below it again. people hoped for a rally but it did not materialize. in such condition the drop is stronger than usual since people who went long are closing out now and considering to go short. ppl who went short and got “lucky” are increasing their positions in short direction. neutrals r jumping on the short train to make some quick gains.

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That’s incredible! I appreciate your time spent on that answer