- nice head and shoulders pattern on 1H USDCHF with broken neckline
- highest volume on the left shoulder and lowest on the right shoulder confirmed H&S pattern
- waiting for pullback and open short around 1.00375
- highest volume on the left shoulder and lowest on the right shoulder confirmed H&S pattern
- waiting for pullback and open short around 1.00375
Note
- neckline pullback reached- opened short position at 1.00382
- stop loss placed just above right shoulder 1.00540
- take profit at 0.99988 but there is also forming H&S pattern on 4H so it is quite possible that price will go lower
Trade active
- price reached target price 0.99988- but there is also H&S pattern on 4H with broken neckline and successful pullback (right shoulder on 4H is H&S pattern on 1H) so I let my position open with new target price 0.99200
Trade closed: stop reached
- price didnt meet my target, price reached only around 0.995- price move back above neckline and reached stop loss right above right shoulder
- next time must be target more conservative :-)
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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.
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.