GRWG chased this on FOMOThis was a "what was a what the f%$@ was I thinking" entry. Got caught up in the pot stock craze. This was one that I traded on its original break out in August 2020. Has a good run back then. I guess I was feeling nostalgic. It has been a TML in this growing space.
If this doesn't quickly move in my direction, I will sell and wait for another set-up.
Have to go back to my rules:
To not chase stocks.
Wait for proper set-ups ie breakout on volume (with decent fundamentals)
Chasing
GBPCHF: Potential Head and Shoulders Pattern?Hey gang! Hope everyone is doing fine on a Sunday! Found a potential Head and Shoulders reversal pattern that could result in a good long trade! Some confluence here points towards this:
-Trend line broken and retested a Fib level at 23.6 level.
-Fib level 23.6 had a false breakout and a large bullish candle just pushes it right back into a bullish bias!
-Absolutely beautiful potential head and shoulder pattern (just a potential one)
I personally would enter AFTER the 38.2 Fib level, after the Head and Shoulders pattern is confirmed! 1st Exit point would be at 61.8 Fib Level and 2nd Exit point at the very top of the level, since this is a pretty good potential reversal.
Let me know your opinions guys!