Yesterday the IHS turned into an ascending wedge then backfired. What will happen today? The book says take a position if we break the neckline, with tight stops below the neckline.
Trade at your own discretion. GOOD LUCK BULLS!
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Didn't break the neckline on the first attempt, mirroring yesterdays efforts. However, don't give up yet as the previous IHS had another two rejections of the neckline before falling from the sky. Keep your eyes peeled!
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BTW, I'm looking at the 5 minute chart to keep track of this.
Trade closed: stop reached
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There's a bunch of bearish divergence on the RSI, looks like this IHS is dead too!
But as soon as I go to post, a really random pump! History repeats and an Ascending wedge appears.
I closed my position. Looks like a carbon copy of yesterday. Calling it a day.