I have identify a inverse head and shoulder (IHS) pattern and plotted graphics. The trend is still down as I don't see higher highs yet, so my bias is still bearish, however I will consider all possible moves the price can make. With a bearish trend still in tact I will consider the triangle pattern as my bearish trade indicator (head to left shoulder and neckline of IHS). A tentative head and shoulder pattern always form a triangle pattern between the head and the right shoulder. A triangle pattern is not necessarily a trend continuation pattern , you have to read the price action within the pattern and take a birds-eye-view of the chart (higher timeframes works good for this).
Note
Super low timeframe traders can trade within a pattern. Sell near resistance Buy at support.Note
DISCLAIMER: I am not a financial advisor and anything that I say on these channels should not be seen as financial advice. I am only sharing my speculation and personal experience.Note
This was a false breakout and short lived the war tension in the Middle east surely have a major impact.
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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.