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Headandshouldersformation

🔥 PEPE Inverse Head & Shoulders: Update!At the start of the month I made an analysis on PEPE where I discussed the inverse head & shoulders pattern that has formed. Risk-seeking traders could've made a killer-entry around the purple area for a decent +300%. I think there's still more to this move. I'm looking at a 440 target for the next 1-2 weeks. Ideally paired with a neutral/bullish Bitcoin. Be aware that the 440 all-time high area poses a risk to bulls, as it's a very strong resistance.
Long
by FieryTrading
12
PLTR pre-earnings play LONGPLTR has earnings on February 5 while on the 120 minute chart, the price action is that of a rising wedge with price compressing between a rising support trendline and a falling resistance trendline the extension of the neckline of the head and shoulders pattern of November. PLTR fell today and is near and above support. In a long trade, I see the target as 18 ( at the resistance trendline) with a narrow stop loss just under the support trendline. This makes for a possible 6% profit with a very good reward-to-risk ratio. A call option for the 2/16 expiration striking $17 is also under immediate consideration.
PLong
by AwesomeAvani
14
META - Interesting price action repeating itselfWe could see a failure to reach new highs and all this left shoulder liquidity can be used to push us below (or at least retest) the key 453 level. From there, we have a massive gap to fill to the low $400. Prior to any short entries, however, I will for a retest of the top of our teal selling channel which will form our right shoulder - and with a lack of buying volume needed to break us out, I will look to enter a short position.
NASDAQ:METAShort
by ReigningTrades
TSLA Recovery to $4001D Chart From a technical viewpoint, Tesla ( NASDAQ:TSLA ) is setting up for a short-term recovery to the $200-210 range before another steep correction. Should significant support be met around the $100 range, a sharp recovery back to previous highs near $415 will be in sight. The following patterns are visible on the 1D chart: Impulse and Correction Waves Because the 1, 3, & 5 Impulse Waves were in the down direction, then according to Elliott Wave Theory, the Correction Waves (ABC) should see the beginning of a rally. Wave A will move opposite of Wave 5 and should lose momentum between $200-220 which are 50% & 61.8% Fibonacci Retracement levels respectively. Wave C would develop a double bottom setup that could propel TSLA back to $300. Head & Shoulders If the Elliott Waves do not prove valid then a H&S pattern is likely with a right shoulder peak meeting resistance between $200-220 before sending share prices back to a low of $100. I am less confident of this pattern as it appears a premature recovery is about to begin. The neckline rests around $150 but Money Flow Index is already in severely oversold territory and the On-Balance Volume has an overall positive slope. Double Bottom In the unlikely event that the H&S comes to fruition then I believe it will serve as the setup for a larger double bottom pattern. Stepping back for a better bird's eye view, the On-Balance Volume has a healthy positive slope and Money Flow Index is in oversold territory. However this pattern will take months to develop so it is too soon to begin loading up for this particular trade as a swing or day trader.
NASDAQ:TSLALong
by Shepherd_Investor
EURUSD ANALYSIS: Long or Short?Hello Traders, Allow me to share my thoughts on the current EURUSD Pair. The current analysis of EURUSD reveals a complex price action, presenting challenges in determining a clear market position. On one hand, I could see an emerging/potential head and shoulders pattern, indicative of a possible bearish movement. This potential bearish bias is supported by a resistance zone that has consistently rejected price in recent times. On the other hand, the 800EMA has acted as a dynamic support by rejecting the price to the upside three times. Given these conflicting signs, it's essential to closely monitor price actions. I'm anticipating two scenarios: 1. A breakout below the fully formed head and shoulders pattern's neckline at 1.09026. This would trigger a sell position, with a target set at 1.07402. 2. A breakout above the resistance zone at 1.10071. This would trigger a buy position, with targets set at 1.11080 and 1.12300 respectively. At moment I will be a spectator. Cheers, and happy trading.
by Samuel124
2
USDCAD Sell IdeaHey guys! its your girl forex potatoe. Here we are again with our trade idea for today. USDCAD is currently in a downtrend in 4H Timeframe, 1H and we can see the momentum is shifting from bullish to bearish in the 30 Mins and 15 mins Timeframe in the direction of 4H TF. At the resistance, trendline as been broken and a head and shoulder formed now on the 1H signaling a weakness. My 50 EMA is also broken in the 15Min TF hence a signal to go short. A bearish engulfing close on the 4H has been formed multiple times so entries can be around this area or you can be more conservative and wait for more confirmations. Price is currently in a fibonacci discounted price so enough confluences to take a short If you like this sorta content, Kindly follow me, hit the boost button and let me know your thoughts on this Pair for the week.
Short
by ForexPotatoe
Short views on goldThe left-hand chart suggests that, having failed to establish support at its previous low of 2022, the near-month gold futures contract has further to decline. On this basis we would be more ready to add to an existing short position than to start a new one. The right-hand chart highlights the recent moving-average crossover as a sell signal. We might hold out for a better sell point. Confirmation can be found in the neckline of the slanted head-and-shoulders pattern having been broken. The slant's upward tilt does not suggest as large a decline as if it were level or tilting downward.
COMEX_MINI:MGC1!Short
by SwingWaiter
🔥 PEPE Inverse Head & Shoulders: Last Dip Before Moon?PEPE has beentrading relatively bearish since it topped early in December. With BTC moving down, it's getting more likely that PEPE will see some kind of sell-off in the near future. I'm looking at this inverse head & shoulders to play out over the next weeks. Ideally, we get some kind of bounce going around the 85 area. Patience is key on this trade. If PEPE will make a new high in the next few weeks this signal will be cancelled.
Long
by FieryTrading
TIAUSDT: Watch for Bearish Reversal Signals📊 Overview: TIAUSDT, following a brief consolidation post-bullish trend, shows potential for a bearish reversal. Bearish divergence on 1-hour and 4-hour timeframes, along with a forming head & shoulders pattern on the 1-hour chart, raises caution of a downward move. 📈 Technical Analysis: Bearish signals include divergence on multiple timeframes and a developing head & shoulders pattern, suggesting a potential shift in trend. 📉 Trade Strategy: Traders should await confirmation signals, considering short positions on a break below the head & shoulders pattern neckline or further bearish divergence. 🛑 Risk Management: Mitigate risks with strategic stop-loss orders to safeguard against unexpected price movements. 📉 Conclusion: TIAUSDT's recent signals hint at a potential bearish reversal. Traders should closely monitor for confirmation, considering short positions based on confirmed signals.
Short
by miansarimhameed