Head & Shoulders Pattern - Entry 2 (Daily)

The initial entry on the right shoulder of the pattern has not yet reached it's first target, having closed below the neckline the Bears now have confirmation for a second entry at the retest of the neckline.

The opportunity for the retest was created by the Bullish pressure of the Butterfly pattern linked to below.

Experienced traders should use the entries to hedge against each of the patterns. Closing 50% of each position at the opposing patterns entry will create risk free positions in both directions.

Comment:

Bulls have pushed Price to the wire for the second entry on the Bearish H&S.

The Bulls have managed to hit TP2 for the Bullish Butterfly.

Now is the last chance for the Bears to attempt to regain control.

Trade closed: stop reached:

The Bullish pressure from the Daily Butterfly pattern has overcome the Bears second entry on the H&S.

The Bulls are back in control.