All the technicals are on the chart, no need to say much. My targets are also displayed. Also note how the the H&S is less than 1/3 of the total distance of the uptrend therefore there is tons of upside to reverse.
The ideal strategy for this kind of setup, in my opinion, would be to set sell stop orders below the neckline. If the analysis proves to be right and we have a strong follow through then the order will be filled and we should ride the wave to the downside.
For risk and money management purposes, always determine a max. of 2% risk on every trade.
For example on a $50,000 account, this would be equivalent to 1,25 Lots with an 80 pip stop loss.
Targets and closure of positions may be subject to alteration throughout the course of the trade. This is due to the ever-changing and unpredictable nature of the market.
This post is set to be used and serve as an example and in an educational manner and is not to be taken as direct investment advice.
The ideal strategy for this kind of setup, in my opinion, would be to set sell stop orders below the neckline. If the analysis proves to be right and we have a strong follow through then the order will be filled and we should ride the wave to the downside.
For risk and money management purposes, always determine a max. of 2% risk on every trade.
For example on a $50,000 account, this would be equivalent to 1,25 Lots with an 80 pip stop loss.
Targets and closure of positions may be subject to alteration throughout the course of the trade. This is due to the ever-changing and unpredictable nature of the market.
This post is set to be used and serve as an example and in an educational manner and is not to be taken as direct investment advice.
Comment:
rejection of the recently broken support level - which now turned into resistance - we can see how the price formed a Daily trend bar just as it retested the broken support (big thanks to @Alexander_Nikitin for creating the free indicator)