Consolidation since June 20th.
Call it rounding bottom, inverted multiple/complex head and shoulders or perhaps a cup and handle bottom but the idea is the same - BREAK OUT AFTER MONTHS OF CONSOLIDATION
Entry 7.17
Stop loss 6.55
Take profit 9.38
Adjust position size according to risk appetite
Comments or cheers will be appreciated
Cause=effect
Break out from area of consolidation from 7 months ago is pretty significant
Buy 50-61% retracement from the breakout
target 54
Adjust position size with respect to risk appetite.
Good luck
REMEMBER: There are no good assets. All assets should be considered wrong to purchase unless proven otherwise.
Do not trade what you want to see but rather, Trade what is in front of your screen.
We have a potential inverted head and shoulders pattern which is a reversal pattern.
Long term trend: Bullish
Intermediate trend: Bearish
A 4H, 12H or Daily...
