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bizmark
Dec 20, 2022 1:30 AM

BNB Head and Shoulders Short

BINANCE:BNBUSDT1D
Binance Coin / TetherUSBinance

Description

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*logarithmic scale*
Binance Coin broke the uptrendline, formed Head and Shoulders🤷 pattern and price just broke the Neckline recently. I think there is chance for drop to 166 (logarithmic scale target) and even to 116 (regular scale target - see below).
Setting SELL LIMIT order to neckline level to catch🎣 the potential pullback.
  • ENTRY: neckline @ 255
  • STOPLOSS (SL): Right Shoulder @ 317.8
  • TARGET (TP): H&S target projection @ 166 (logarithmic scale) | H&S target projection @ 116 (regular scale)
  • REWARD RISK RATIO (RRR): 1.44 | 2.24
  • INVALIDATION: when SL level hit

Trade active

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Order filled ✔️

Trade closed: stop reached

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Stoploss hit 🛑 (pattern invalidated).
Price chasing the uptrendline to backtest it?
Trend AnalysisChart PatternsbinancebinancecoinBNBbnbusdBNBUSDTBNBBUSDBNBUSDCBNBEURBNBETH
Comments
InkyGrip
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no bulls here. Agree with your BNBUSDT chart
bizmark
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@plancton0618, cheers!
garettmcgee
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Looks like a pretty good one to me
bizmark
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@garettmcgee, yessir! Thanks.
SwallowPremium
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Absolutely agree with your point of view, thanks for sharing!!
JoeChampion
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Great insight!
bizmark
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@JoeChampion, thanks, Joe.
Maxx_96
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With you on this mate
bizmark
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@Maxx_96, let's see how it unwinds! 😉
Maxx_96
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@bizmark, taught me a thing or two about patience with that entry today, nice job
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