FTX Token is trying to break out of this falling wedge (yellow) and may be forming Inverted Head and Shoulders🤷 on the Daily timeframe. If price breaks the falling wedge upper edge and then the Neckline I think there is chance for run to 68 and even higher. Actually in anticipation of this happening I'm already looking for buy signals on lower timeframe (2h) and I see another potential Inverted Head and Shoulders in the making:
Once the Neckline of this smaller iH&S (2h)☝️ is broken I will set the BUY LIMIT order to catch the pullback to Neckline (testing it from above) as shown on the 2h TF picture.
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⚠️Disclaimer: I'm not financial advisor. This is not a financial advice. Do your own due dilingence.
Once the Neckline of this smaller iH&S (2h)☝️ is broken I will set the BUY LIMIT order to catch the pullback to Neckline (testing it from above) as shown on the 2h TF picture.
- ENTRY: Backtest of the broken Neckline (2h) @ 43.5
- STOPLOSS (SL): Right Shoulder (iH&S Daily) = Head (iH&S 2h) @ 37.3
- TARGETS (TP): Inverted H&S target projections @ 49.5 & 68
- REWARD RISK RATIO (RRR): 1 & 4
- INVALIDATION: when SL level hit
Check my other stuff in related ideas.
Please like👍, comment🗣️, follow me✒️, enjoy📺!
⚠️Disclaimer: I'm not financial advisor. This is not a financial advice. Do your own due dilingence.
Note
No impulsive break of the 2h neckline yet...Note
Here we go: 2h necklive broken impulsively. Let's see if price will be able to stay above for next few hours. If yes then I will set the BUY LIMIT order in anticipation of pullback to the neckline just to test it as support and this is where I will be entering.Note
Price still holding above the 2h neckline, so the break seems legit. Setting BUY LIMIT order at 43.5 to catch the pullback. SL 37.29Trade active
Order filled ✔️Note
Even though the 2h iH&S didn't play out exactly as expected, the trade is back on track again. I still think that the original target 49.5 will act as resistance anyway.Trade closed: target reached
Target1 hit!🎯Let's ride the remainder to $68...Trade closed: stop reached
Stoploss hit 🛑The 2nd half of the trade didn't make it to the Target2 and now just reached the SL. So in summary it was just small loss.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.