This is an update to the linked weekly head and shoulders analysis.
I previously thought that the projected price target from the head (blue price measurement) was too extreme. However this makes sense when considering that this could be reached at the next fib time zone (purple), which places the target at the green star.
I previously thought that the projected price target from the head (blue price measurement) was too extreme. However this makes sense when considering that this could be reached at the next fib time zone (purple), which places the target at the green star.
Trade active
Short Entry: 10664Stop Loss 11014
Target 5561
R:R: 14
Note
Head and shoulders pattern is still valid, but it now looks likely that there will be another return move to retest the resistance at the neckline in ~3 weeksI will close the position at 9851 and flip the position to long as follows:
Entry: 9851
Stop: 9299
Target: 11987
R:R: 3.8
Note
Note
Trade closed manually
Another touch of the neckline appears likely which would penetrate the stop loss. Price may drop beforehand but I'm chosing to break even by closing now since the rationale behind the position is now undermined.
Related publications
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.
Related publications
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.