What a disappointment, she looked fit until it was a he. Funny none-the-less!!

Auslanco - GBP/JPY and GBP/USD (newstrade)

In my opinion it needs to return to the neckline. I trade them on the break of the neckline and enter on the throwback.

Auslanco - GBP/JPY and GBP/USD (newstrade)

The right shoulder is not complete so there is potential there but it is not a perfect H&S like someone suggested. What happens if price continues up? In that case it never will be a H&S. Price needs to return to the NL before you can consider it ...

Auslanco - GBP/JPY and GBP/USD (newstrade)

The right shoulder is higher than the head as the NL is on an ascending angle.

Auslanco - GBP/JPY and GBP/USD (newstrade)

Exactly.

Auslanco - GBP/JPY and GBP/USD (newstrade)

I see a H&S on the 4hr and the return to 237.75 was a retest of the broken NL. Both times it failed to stay above so that could indicate 234.5 is the next target.

Auslanco - GBP/JPY and GBP/USD (newstrade)

How can it be a perfect head and shoulders when the right should has not even fully formed? The perfect H&S will also need to break the NL and I have my doubts it will.

Auslanco - GBP/JPY and GBP/USD (newstrade)

We already went back to 237.93, why back there again? 50%?

Auslanco - GBP/JPY and GBP/USD (newstrade)

I am open to ideas though. Does anyone see why this should turn around?

Auslanco - GBP/JPY and GBP/USD (newstrade)

I'm just waiting for the next wave down. I don't see why it should reverse here. First potential reversal point is 234.5 and then 231.5.

Auslanco - GBP/JPY and GBP/USD (newstrade)

Ok, you've answered it. thanks!

Auslanco - GBP/JPY and GBP/USD (newstrade)

Yep, thinking the same thing. I'm also thinking of taking some profit in the high 235 region (200ema on 4hr). What are your thoughts? Can we expect a big bounce from it? Or can you see the 100sma getting in the way?

Auslanco - GBP/JPY and GBP/USD (newstrade)

Have a nice holiday! Not sure about the retracement though.

Auslanco - GBP/JPY and GBP/USD (newstrade)

This is the short term trade I'm referring to. Regarding intraday trades, I was short from the 240s and that has been closed.

Auslanco - GBP/JPY and GBP/USD (newstrade)

Nothing has changed. Just waiting patiently.

Auslanco - GBP/JPY and GBP/USD (newstrade)

OK, I thought it was the 200sma but it's the 100sma

Auslanco - GBP/JPY and GBP/USD (newstrade)

How many MAs do you use and which are the main ones?

Auslanco - GBP/JPY and GBP/USD (newstrade)

That's what I thought. Good to see you back and all is well on my side!

Auslanco - GBP/JPY and GBP/USD (newstrade)

What do you mean by bad? CPI has to be below expectation right?

Auslanco - GBP/JPY and GBP/USD (newstrade)

I believe so, but that short term drop is in progress or complete. We ended up going to 240.6

Auslanco - GBP/JPY and GBP/USD (newstrade)