180 pips profit, Selling USDJPY on head and shoulders formation follow up

usdjpy afterOn Friday (31.05.2013) we pointed a sell trade on USDJPY following a head and shoulders formation. This can be seen here.

Read about the Trend/Wave/Extreme system here

Here is how this trade turned out to be . We made 180 pips.

Make sure to test the Trend/Wave/Extreme system here that helped us with this trade.

Here is the initial trade setup

USDJPY (4-HOUR) SELL 

USDJPY

Why sell

  • USDJPY has been on UP-Trend for quite a while while now it appears to be reversing.
  • The head and shoulders reversal pattern can be seen
  • Trend (long term) and Wave (short term) indicators are all pointing down
  • None of the Extreme indicators are pointing oversold

Read about the Trend/Wave/Extreme system here

The following is an analysis of the currency markets using the Trend/Wave/Extreme system . You can read about the system here. Please read our Risk Disclosure and Terms of Use  prior to making a trade using this information.