FTX Token is trying to break out of this falling wedge (yellow) and may be forming Inverted Head and Shoulders🤷 on the Daily timeframe. If price breaks the falling wedge upper edge and then the Neckline I think there is chance for run to 68 and even higher. Actually in anticipation of this happening I'm already looking for buy signals on lower timeframe (2h) and I see another potential Inverted Head and Shoulders in the making: Once the Neckline of this smaller iH&S (2h)☝️ is broken I will set the BUY LIMIT order to catch the pullback to Neckline (testing it from above) as shown on the 2h TF picture.
ENTRY: Backtest of the broken Neckline (2h) @ 43.5
STOPLOSS (SL): Right Shoulder (iH&S Daily) = Head (iH&S 2h) @ 37.3
⚠️Disclaimer: I'm not financial advisor. This is not a financial advice. Do your own due dilingence.
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No impulsive break of the 2h neckline yet...
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Here we go: 2h necklive broken impulsively. Let's see if price will be able to stay above for next few hours. If yes then I will set the BUY LIMIT order in anticipation of pullback to the neckline just to test it as support and this is where I will be entering.
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Price still holding above the 2h neckline, so the break seems legit. Setting BUY LIMIT order at 43.5 to catch the pullback. SL 37.29
Trade active
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Order filled ✔️
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Even though the 2h iH&S didn't play out exactly as expected, the trade is back on track again. I still think that the original target 49.5 will act as resistance anyway.
Trade closed: target reached
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Target1 hit!🎯Let's ride the remainder to $68...
Trade closed: stop reached
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Stoploss hit 🛑 The 2nd half of the trade didn't make it to the Target2 and now just reached the SL. So in summary it was just small loss.