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Headandshouldersformation

Gold's Hourly Chart - M_Top Breach @ 2513.25 - Recovery? Hello, I was saying all week that the USDX was going to be strong in it's recovery from selling off the past few weeks. I didn't think the economic data was all that bad during Friday, I think the damage set-in once the USDX started to rally on the retest and close above 101.50. As the NY session opened on Friday I saw a lot selling of the Gold-price as the USDX was making a sustained rally above 101.50 and then it skipped back under this level and buying of the Gold-price started to occur but it was a bull-trap. The Gold market sold off and as can be seen on the hourly chart a breach below 2513.25 and the selling intensified. It is always harder to navigate in real time, I get it. You can see here on the hourly that the 200 EMA is starting to slope down and the 9 EMA is about to cross it. But it's not all bad. When Asia opens on Monday there is a bullish Head n Shoulders that has formed on a 5 minute chart. (Please see below). Indications are that this will retest and execute taking the market higher. However, for the market to recover, buying will have to continue following this pattern to keep the Gold price above important key moving averages. Otherwise, this 5M pattern will play out bullishly for a time and the Gold price could sell off again. The Gold market got its liquidity during Friday, so lets see where price goes.
EIGHTCAP:XAUUSD
by Easy_Explosive_Trading
GBPSGD Bullish H&S's Breaking-OUT currentlyGBPSGD_2024-08-16_01-24-33_19b08.png A trade I am currently in, I tried to post it about an hour ago but I was told the resolution was no good. 4HR, D, W left to right. GBPSGD is yearly very bearish & has been making some strong moves north lately. I was in this pair trade the other night in relation to another bullish head & shoulders. Perhaps look for a pullback. I think it has more to run. See my diagram on how to trade heads n shoulders if you are unsure. Cheers Chris
Long
by Easy_Explosive_Trading
PEPE PUSHES WITH FRACTAL INVERTED H&SWe could see PEPE repeat some good things as we come to a fib support that's "been done before" - An inverted H&S has formed (or tea cup and handle if you wish) and threatens to reverse us back to the upside, this chart structure looks very familiar to the last move we made to the upside back in April 2024 -A DBW forms on the 5 min TF with the overall downward move hitting a technical support at 0.0000096, signaling a potential trend reversal to the upside. (Price could push as low as 0.0000094 range to touch our trend line) -RSI is currently oversold hovering at 17.53, giving us further evidence of a turn around
Long
by CryptoSmith01
Potential Head and ShouldersIn the 4-hour chart, an emerging but not yet fully confirmed Head and Shoulders pattern is distinctly visible. This technical pattern is often used by traders to predict potential reversals in the market. For the OKX chart, a critical level to watch is 63,480. If the price drops below this level, it could signify a bearish trend, potentially bringing us down to the 55,000 levels. Left Shoulder: Formed at the 66,000 level Head: Reached the peak at approximately 68500 Right Shoulder: Currently awaiting formation The price has touched all the key support points, indicating a potential upward move to form the right shoulder. BTC is currently rising towards this level, suggesting a critical juncture in the pattern development. This movement is crucial because it will determine whether the pattern completes or if another scenario plays out. Alternative Scenario: If Bitcoin manages to break the right shoulder with high volume on the given chart, it could invalidate the Head and Shoulders pattern. A high-volume breakout above the right shoulder would be a strong bullish signal, potentially resulting in a significant upward movement. In this case, we could see BTC rise to the 72,000 level. This analysis suggests that traders should closely monitor the following: 63,480 Support Level: A drop below this level could indicate a bearish trend towards 55,000. Formation of the Right Shoulder: Watch for the completion of the right shoulder around the current levels. Volume Analysis: High trading volume accompanying a breakout above the right shoulder would suggest a strong bullish trend, potentially leading to the 72,000 level. Given these factors, the current market conditions present a pivotal moment for BTC. Traders should be prepared for both scenarios, adjusting their strategies accordingly to manage risks and capitalize on potential opportunities. In summary, the Head and Shoulders pattern in the 4-hour chart provides a critical framework for anticipating BTC's next moves. Whether BTC confirms the pattern by breaking below 63,480 or invalidates it with a high-volume surge above the right shoulder will be key in determining the market direction in the near term.
Short
by LyricBridge5207
2
THETA - Set for a +50% Rocket Ride?We’ve had an interesting move with a retracement to the Fibonacci 0.618 level and it looks like a head and shoulders pattern is forming. Fibonacci Retracement: The price has retraced from the entire wave down to the 0.618 Fibonacci level. Head and Shoulders Pattern: A head and shoulders pattern seems to be forming, which could lead to a significant price movement if it plays out. Long Trade Setup: Entry Points: Immediate Entry: Consider entering a long position now at the current price level. Confirmed Entry: Alternatively, wait for a break above the right shoulder and confirm with volume before entering a long trade. Potential Gain: Target: If the head and shoulders pattern plays out, we could see a +50% move towards the 0.618 Fibonacci level again. Volume Monitoring: Confirmation: Watch the volume closely to confirm a real breakout before making the trade. Ready to catch the Theta wave? Let’s see if we can ride this setup to some serious gains!
Long
by SiDec
BTC inverse head and shoulder patternThe reliability of a typical inverse head and shoulders pattern is generally high when the neckline trends downward. However, the strong buying pressure observed during the recent decline to 53k has resulted in a very strong rebound up to 66k. This has formed an upward-sloping neckline. I predict that after some consolidation and accumulation before breaking the neckline, there will be a strong breakout, bolstered by positive news such as the ETFs for ETH and SOL.
by landscapeprovider
2
How to Plot Head & Shoulders Pattern on TradingViewWelcome back, Traders! We’re excited to have you here on TradingView where we share valuable trading insights and educational posts to help you succeed in the markets. Today, we’re diving into one of the most reliable chart patterns in technical analysis: the Head and Shoulders pattern. Understanding and identifying this pattern can significantly improve your trading strategy, whether you’re dealing with forex, stocks, or commodities. What is the Head and Shoulders Pattern? The Head and Shoulders pattern is a bearish reversal pattern that indicates a potential end to an uptrend and the beginning of a downtrend. It consists of three peaks: Left Shoulder: The first peak followed by a decline. Head: The highest peak followed by a decline. Right Shoulder: A peak similar in height to the left shoulder, followed by a decline. The neckline is the support line that connects the lows after the left shoulder and the head. How to Trade the Head and Shoulders Pattern: Identify the Pattern: Look for the three distinct peaks with the head being the highest. Draw the Neckline: Connect the lows after the left shoulder and the head to form the neckline. Entry Point: Enter a short position when the price breaks below the neckline. Target: Measure the distance from the head to the neckline and subtract this distance from the breakout point to set your target. Stop Loss: Place a stop loss above the right shoulder to manage your risk. Inverse Head and Shoulders Pattern Conversely, the Inverse Head and Shoulders is a bullish reversal pattern signaling the end of a downtrend and the start of an uptrend. It consists of three troughs: Left Shoulder: The first trough followed by a rise. Head: The lowest trough followed by a rise. Right Shoulder: A trough similar in depth to the left shoulder, followed by a rise. The neckline is the resistance line connecting the highs after the left shoulder and the head. How to Trade the Inverse Head and Shoulders Pattern: Identify the Pattern: Look for the three distinct troughs with the head being the lowest. Draw the Neckline: Connect the highs after the left shoulder and the head to form the neckline. Entry Point: Enter a long position when the price breaks above the neckline. Target: Measure the distance from the head to the neckline and add this distance to the breakout point to set your target. Stop Loss: Place a stop loss below the right shoulder to manage your risk. Follow us on TradingView for more helpful ideas and educational posts! Stay tuned as we continue to share insights that will help you on your trading journey. Happy trading! - BK Trading Academy
Education
by BKTradingAcademy
7
TURBOUSDT - Time for a Retracement (SHORT)Hey Turbo traders! Turbo experienced a rapid surge within a single day and now it's time to analyze the next potential moves. Let's dive into the latest price action and what to expect next. Surge and Retest Rapid Surge: Turbo surged dramatically within one day, showcasing impressive bullish momentum. Retest of mOpen: After the surge, the price retested the mOpen, a key area of interest. Formation of a Head and Shoulders Pattern Head and Shoulders Pattern: It looks like Turbo is forming a Head and Shoulders pattern, a classic bearish reversal signal. Right Shoulder Formation: Now, we need to cool down and form the right shoulder of this pattern. Key Levels and Trading Strategy 1.) Short Trade Setup: Entry Point: We placed a short trade at the monthly open (mOpen) as it presents a great risk-to-reward (R:R ratio) Target Profit (TP): The TP for this short trade is the Fibonacci 0.382 level, around $0.0042. This level also coincides with a previous daily support level, making it a significant target. 2.) Support Area: Fib 0.382 Level: This level is where we expect the price to retrace and find support. 3.) Monitoring Volume and Price Action: Volume Trends: Monitor the volume closely. Decreasing volume during the retracement would support the formation of the right shoulder. Price Action: Watch for bullish signals and price action patterns that indicate a potential long trade opportunity after closing the short. Strategy: Executing the Short and Preparing for the Next Move Executing the Short: Enter the short trade at the monthly open with a TP at the Fib 0.382 level around $0.0042. Potential Long Trade: If we see bullish confirmation at the support area, it might be a good opportunity to open a new long trade. Keep an eye on the volume and price action for entry signals. What are your thoughts on this analysis? Are you in on the short trade and preparing for a long entry? Share your insights below!
Short
by SiDec
4