ETHUSD is forming a head & shoulders pattern on the intraday chart. If this pattern were to break through the neckline and be confirmed it has a $195 price target.
Before bulls get too excited there are some things to keep in mind... 1.Price MUST break the neckline first or there is no H & S. 2.This pattern is forming into a massive selloff. Expect selling pressure on any rally attempts. 3.This is an intraday pattern. Intraday patterns are notoriously less reliable.
interesting lets see. completely negated by fundamentals, so ill be watching to see what wins out..
transparent-fx
⋅
I have this overall TA on ethusd, pretty interesting pair
mfibbs
⋅
That’s not a head and shoulders my friend. We most likely are forming a left shoulder now with the head to come. Trade with caution. If we loose 117 it’s over.
Trendymanners
⋅
@mfibbs, I have read through your whole eth story since last year, and very good it was until that last post when hubris crept in, and guess what no more posts. There are a number of analysts who set clear entry conditions, and at least one, or sometime 2 TPs and I saw that was missing from your last post..
You missed the big move down that your hubris boasted you were all about. ETH went down to low 100's without a short strategy being mentioned.
So I am happy to follow you in a bull phase, with TP set conservatively below yours.
I don't think your recent track record qualifies you to trash Krugman's idea that was well set out with entry conditions and a clear TP. In this case the entry conditions were not made so no trade, and quite correct.
I would much prefer to follow Krugman based on what I have just seen.
I respect anyone who has the guts to put themselves on the line with opinions that have been carefully thought out. That respect gets diluted when you trash someone needlessly.
krugman25
⋅
@mfibbs, That is indeed a head and shoulders. Whether it breaks the neckline and moves onto its target is another question altogether. Either way, us traders don't operate within absolutes, we operate within probabilities. Statements like "If we loose 117 it’s over" shouldn't be in any traders vocabulary, because we are not privy to such guaranteed outcomes. Good luck though.