2nd attempt is better

Morning folks,

So, let's go back to our H&S pattern, which is a 2nd attempt to go long. You could see that it starts working. Right arm stands in place and now we could move stops to breakeven.

Second is - we could estimate targets. First one is H&S AB=CD around 69.70K. If we get lucky, we could see 1.618 expansion to 74.3K.

Finally, if you've missed entry but still would like to step it - on 1H chart we have local "222" Sell. Here you could watch for two nearest support levels. Just avoid buying if we get strong downside action. Drop under 64.50K Fib support also will be a bad sign, because it breaks the nature of reverse H&S pattern that should be bullish. And strong drop with erasing of the right shoulder definitely will be the sign of H&S failure.

Keeping this simple rules in mind should let us to pass this journey without big shocks.

Comment:

This time it goes OK ;)