══════════════════════════════ Since 2014, my markets approach is to spot trading opportunities based solely on the development of CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝 ══════════════════════════════ Hello Traders ✌
When evaluating a chart pattern, we must always consider two aspects: - If the pattern itself has all the characteristics it must have to be considered as such; - Where it is developing and with which proportion compared with the macro situation; In that case, looking only at the pattern, we can label it as an almost perfect Head & Shoulders Bottom BUT it is not at the bottom of a real and solid downtrend compared with its proportion!
Nonetheless, it is a very good example of H&S Bottom and a valid breakout will also breach the 200 Days EMA so, just be very careful with your trading tactics if you decide to enter this market. We have also a quite strong resistance (previous level) at 48.00 to deal with.
Pattern Class: 🌕🌕🌕🌕🌑
Target area: 50.70
Breakout area above: 47.00
Entry Point and Initial Stop Loss depends on your Trading Plan Tactics and Money Management rules.
🔎🔎🔎 ALWAYS REMEMBER "A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist" ═════════════════════════════ ⚠ DISCLAIMER ⚠ The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk. ═════════════════════════════