CADJPY - Head and Shoulders

A confirmed Head and Shoulders formation on the 4-hourly chart with an RSI Divergence gives an opportunity for trend reversal traders to engage in a counter-trend trade.

The 1-hourly chart trendline has greatly improved our entry price by 63pips and I've engaged the trade at 87.13 when the candle touches the trendline and has a 3-bar reversal with a bullish engulfing candle.

Trade active

SLE: 87.15(+2)
TP1: 87.63(+50)1:1{Target Attained}{approx 500USD/lot traded}

Trade active

SLP: 87.29(+16){Stops at Profit}

RaynLim

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RaynLim

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