SXP-PERP Swipe IH&S 1HR
Updated
Swipe (SXP-Perp) is showing a slightly off Ih&s n the 1 hour chart.
Looking closely it looks like it has broken the neckline and is currently retesting to find support.
If it plays out the textbooks say our TP should give us a 20% move or 0.23 cents, however once we multiply that by our percentage of meeting target (71%) we get 0.164 cents or 12%.
TP: approx 1.50
SL: Below right shoulder, around 1.26
Also, for bonus points, if you zoom out you should see a pretty obvious double bottom, nothing is guaranteed, but I like the odds on this one :)
Link for IH&S percentages thepatternsite.com/hsb.html
Looking closely it looks like it has broken the neckline and is currently retesting to find support.
If it plays out the textbooks say our TP should give us a 20% move or 0.23 cents, however once we multiply that by our percentage of meeting target (71%) we get 0.164 cents or 12%.
TP: approx 1.50
SL: Below right shoulder, around 1.26
Also, for bonus points, if you zoom out you should see a pretty obvious double bottom, nothing is guaranteed, but I like the odds on this one :)
Link for IH&S percentages thepatternsite.com/hsb.html
Trade closed: stop reached
Stoploss reached at $1.26Trade closed
Note
Post Trade Analysis:Why did it go wrong - We got stopped out early.
What could we have done better- With the way this one played out its obvious i was over-zealous and should have allowed it to play out further , as we now have a much more defined right shoulder.
BUT never follow bad money with good! take the loss and wait for the next pattern to show.
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