SGDJPY Daily

SGDJPY is telling us a multitude of stories on the daily time frame, which will hopefully converge with our weekly outlook.

(I will enter using the ABC approach)

Entry: 80.890

Stop Loss: 78.920

Take Profit: 84.920 (Head and Shoulder)

We currently have an initiated head and shoulder pattern as follows:

I am waiting for a retracement to the neckline, or an extended retracement into the BC wave before seeing a further push to the upside:

I am especially convinced by the pattern as the head and shoulder pattern formed on a 50% Fibonacci retracement (BC Swing) of the previous (impulse) move:

Should the pattern work out, we will see it complete around the 61.8% Fibonacci retracement of the weekly moves AB swing leg. All of these factors converging makes this trade either incredibly probable, or just too good to be true.

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