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wasp said:
.... it is not H&S yet, and it well to early to be calling it this, as it can change completely and form something totally different - only when it is complete then it can called as such. It was only suggested that it might do..... only time will tell.
rols
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wasp said:
How nice to find such a polite thread!
I've never been big on chart patterns because the eye sees what it wants to I'm afraid. Just look at say 10 eye witness reports of a car crash, I'll bet they're all different. Then there's the question of time frames.....
Any road I'm still in the Short....
coolTrader
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elbart said:I think we can rule out the H&S now..... especially I think it's a shorting market now. Wasp, cool, no offence taken, as Rols writes 'the eye sees what it wants to'.
The reverse head and shoulder I was looking at has played out a looong ago from 15 to 45
It was no imaginary one. Remember there can be pattern failure in which case you are out..
Take a look at the chart. it ended becoming a triangle which broke down.
coolTrader
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wasp said:
What you have drawn is a reverse h/s looking at your chart though you can see a head and sholder with the shoulder 1880 both left and writh and the head at1.8990
smbtnt said:
i saw that one myself, but wont be awake to see what happens......i also see that some potentially good resistance is starting to build higher up on the way to 1.900 , and on the other hand, we do have 2 issues to think of...
1)) tweezers on the daily, of which the second day is, yes...
2) a bearish engulfing on the daily
all in all, a good potential reversal in the making
(look at monthly charts.....potential head and shoulders on the making, and this is the right shoulder....if it happens........some time before we know, and that irritates me)
eurodollar has a much clearer wedge, so your comment could still be right. will see in the morning.
hornblower
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doller /yen long 110.28
edit closed 110.48
20+ points
edit closed 110.48
20+ points
Last edited:
My favoured time frame is the 60 mins, once i am partial to a pattern or zone i zoom into lower timeframes for an entry/limit/stop.
Neck line sitting at yesterday's R 8860-8870, I also have a vacuum zone at 8930 which 'generally' get hit (look at yesterdays example), if the breakout is successful the head target is approx 100 pips ie 8960. Also the bounce off 8760 was a fib level which adds more fuel to the fire.
The other possibility being a breakdown of the lows after a double top rejection at R - 8860.
I favour the former fwiw.
Neck line sitting at yesterday's R 8860-8870, I also have a vacuum zone at 8930 which 'generally' get hit (look at yesterdays example), if the breakout is successful the head target is approx 100 pips ie 8960. Also the bounce off 8760 was a fib level which adds more fuel to the fire.
The other possibility being a breakdown of the lows after a double top rejection at R - 8860.
I favour the former fwiw.
jacinto said:i saw that one myself, but wont be awake to see what happens......i also see that some potentially good resistance is starting to build higher up on the way to 1.900 , and on the other hand, we do have 2 issues to think of...
1)) tweezers on the daily, of which the second day is, yes...
2) a bearish engulfing on the daily
all in all, a good potential reversal in the making
(look at monthly charts.....potential head and shoulders on the making, and this is the right shoulder....if it happens........some time before we know, and that irritates me)
eurodollar has a much clearer wedge, so your comment could still be right. will see in the morning.
Good observation Jacinto, every pattern in my arsenal has potentially both bullish and bearish connotations, what makes me bias to one or the other lies in the underlying trend.
If this is the Right hand shoulder on the monthly then we are in for some choppy range plays.
