đź“šLearn Moređź’°Earn More - Inverted Head and Shoulders in USDJPY
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Inverted Head and Shoulders Definition:
A head and shoulders pattern is also a trend reversal formation.
It is formed by a Valley (left shoulder), followed by a Lower Valley (head), and then another Higher Valley (right shoulder).
A “Neckline” is drawn by connecting the highest points of the two Peaks. Neckline resistance does not need to be strictly horizontal.
This illustrates that the downward trend is coming to an end.
When a Head and Shoulders formation is seen in a downtrend, it signifies a major reversal.
The pattern is confirmed once the price breaches the neckline resistance.
In this example, we can easily see the head and shoulders pattern.
How to Trade the Head and Shoulders Pattern:
ENTRY:
we put an entry order above the neckline.
TARGET:
We can also calculate a target by measuring the lowest point of the head to the neckline.
This distance is approximately how far the price will move after it breaks the neckline.
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đź’° EARN MORE
With ForecastCity
Inverted Head and Shoulders Definition:
A head and shoulders pattern is also a trend reversal formation.
It is formed by a Valley (left shoulder), followed by a Lower Valley (head), and then another Higher Valley (right shoulder).
A “Neckline” is drawn by connecting the highest points of the two Peaks. Neckline resistance does not need to be strictly horizontal.
This illustrates that the downward trend is coming to an end.
When a Head and Shoulders formation is seen in a downtrend, it signifies a major reversal.
The pattern is confirmed once the price breaches the neckline resistance.
In this example, we can easily see the head and shoulders pattern.
How to Trade the Head and Shoulders Pattern:
ENTRY:
we put an entry order above the neckline.
TARGET:
We can also calculate a target by measuring the lowest point of the head to the neckline.
This distance is approximately how far the price will move after it breaks the neckline.
❤️ If you find this helpful and want more FREE forecasts in TradingView
. . . . . Please show your support back,
. . . . . . . . Hit the đź‘Ť LIKE button,
. . . . . . . . . . Drop some feedback below in the comment!
❤️ Your Support is very much 🙏 appreciated!❤️
đź’Ž Want us to help you become a better Forex trader?
Now, It's your turn!
Be sure to leave a comment let us know how you see this opportunity and forecast.
Trade well, ❤️
ForecastCity English Support Team ❤️