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CADJPY Potential Head And Shoulders Pattern

CADJPY Potential Head And Shoulders Pattern

CADJPY H4 Chart Overview:

1. BEARISH BUTTERFLY completed at 83.20. Retraced to 23.2 Fibo, retested 83.20 and made the double top .

2. Completed Bullish SHARK at 82.20 and doing a minor retracement. The upside is capped SMA100 H4. I predicted reversal at 82.60 – 82.70

Head And Shoulders will be in action if it rejects 82.60-82.70

Head And Sholders Neckline ( Red Line )

My Trade: Short at 82.62 – 82.70 Stop: 82.90 Target: 82.27 Target 2: 82.05

My Second Trade: ( Head And Shoulders ) Short at 82.20 Target 1: 82.05 Target 2: 81.75 ( Bullish Crab area of the entry starts which can be used as along opportunity )

Update:

Our first trade hit TP1.

We book partial profit and wait for the breakout. I will update.

Breakout of the neckline would validate the SHS pattern.

 

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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money

CADJPY: Forecast:ınformation on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

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Ercu Kartas

Treasury Department Dealer Technical Analyst FX Trader

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