I'll be posting my current trade setups on a weekly basis.
Trade active
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The price went below my stop loss but manually kept the trade open as the chart pattern remained intact. The price has retreated fairly quickly back to the entry zone:
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Just a note here to say that there's a possibility that we may reach a higher target than the one shown in the chart. Since it could take about a week or so to reach the target, it's too premature to change it, however it's something to keep in mind as we get closer to it.
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Keep an eye out for a potential H&S formation taking shape. Ideally, we'd want the current bump up to take us above the head, as pictured in the previous comment. If the bulls don't have the energy to do that (it's starting to look like they are tapped out), then the bump will be truncated and we'll form the right shoulder. If that's the case, once that right shoulder reaches the neckline, we'd better hope that the bulls catch a second wind because if that neckline breaks, we're dipping past our previous Feb low.
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bold line is the actual shoulder line, expect a drop to that line, like right now
bold line is the actual shoulder line, expect a drop to that line, like right now
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After the right shoulder is formed (I'm 90% sure that it'll be a shoulder), I do not think that the H&S will complete. I am staking what tiny bit of reputation I have and saying that we will reach our target. Should the H&S fail to complete, that is after the right hill is formed and the price hit the neckline, we should have an explosive push upwards.
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something like this:
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sorry for the multiple posts... I just realized what's going on...
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Here's how I got there:
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We're going to hit our target early. Here's an update:
Trade closed manually:
We've hit the top for now. We'll be taking a dip. I'm posting a new chart.