Today I opened two positions after recognising the huge cup and the beginning of the handle.
Still working on my trading strategy targeting this pattern.
Safest bet is to enter when the SP breaks the upper cup line, in this case I decided to enter early because the support @128 did not break.
Currently my SL is sitting at the 50% mark of the cup raise. If this breaks the pattern is invalidated.
As soon as the price breaks and closes on the daily above the cup @133.26 I will adjust the SL to the upper third of the cup raise (where depends how it moves within the handle).
The move from the bottom to the top of the cup measures in $ 20.63. So we can expect a similar move when it breaks out which makes a target @153.89
But I also take the trend based fib levels 1 (147.68) and 1.618 (160.6) into account. The second one might be a target in a follow up trade.
Entry: 129.04
TP1: 147.68
TP2: 153.89
SL: 123.29
Not sure, but this might also lead to an inverse h&s.
Still working on my trading strategy targeting this pattern.
Safest bet is to enter when the SP breaks the upper cup line, in this case I decided to enter early because the support @128 did not break.
Currently my SL is sitting at the 50% mark of the cup raise. If this breaks the pattern is invalidated.
As soon as the price breaks and closes on the daily above the cup @133.26 I will adjust the SL to the upper third of the cup raise (where depends how it moves within the handle).
The move from the bottom to the top of the cup measures in $ 20.63. So we can expect a similar move when it breaks out which makes a target @153.89
But I also take the trend based fib levels 1 (147.68) and 1.618 (160.6) into account. The second one might be a target in a follow up trade.
Entry: 129.04
TP1: 147.68
TP2: 153.89
SL: 123.29
Not sure, but this might also lead to an inverse h&s.
Trade closed: stop reached:
stopped out on a bloody monday