The practical use of a Head and Shoulder Chart Pattern – illustrating GBPJPY
Today when I was doing some private coaching with our facilitators, one of the examples that was shown was GBPJPY. Previously, I guided a short in GBPJPY in 4M.
After the trade in 4M, I tweeted again on GBPJPY. However, at that point, there are too many supports. Therefore in my tweet, even though there was a trigger, but that trigger was very near to one stated support 14950-60.
— TerraSeeds FX Tflow® (@terraseeds) July 12, 2013
Now we have another smaller head and shoulder forming.
At the right shoulder, we can see a 1234, with 2 being few boxes high.
Below 14985 has immediate support 14950-60 (still same message). However this time, due the to length in consolidation (in making that 1234), there could be a stronger chance it is supported only at 14810-30 14770-80