Hey traders, this setup is going long for some short term pips.
-There has been 4 touches on this key support level, all of which have had stop loss hunts as seen by the long wicks & dips.
-There is very little demand that would keep it at these levels as seen by the volume profile.
-I see the green box as a nice target price for this short term long.
Watch out...
Long here.
Red zone has shown to be an area of demand.
Green zone or possibly lower is where I will be looking to buy as I am predicting a stop loss hunt to dip down there (The previous long wicks are evidence of this).
Grey zone is where I predict bullish movement to possibly slow down and accumulate more until it heads to the final target price.
Looking to go short here. Descending triangle after a breakdown. Target price's are both green X's. I am more focused on the second X as that area has had more previous accumulation.
Going short here. A head and shoulders reversal pattern appears to be forming. If it breaks the neck line theres no major support that would stop it until the red zone I marked out. My two target prices are marked by the green X's.
A "by the book" a head and shoulders pattern usually breaks down the length of the original head after retesting the neckline. I...
