Possible Price Reversal with 2 possible entries
We have the following factors:
If all the above are met we have 2 possible entries:
1. If price pullback in between 61.8 and 38.2 Fib levels (orange rectangle with red borderline) + a Good PA confirmation -Pin bar(s) or bearish engulfing candle-. This would be the top right shoulder of the H&S pattern.
2. If price breakout of the H&S Neckline and pullback to the same fib levels as above + Good PA confirmation.
*If the above are not met I wouldn't advice on taking this trade. Considering we are still on a ascending trend until market shows otherwise.
** You may search for additional entries on lower timeframes in case it confirms.
All comments are appreciated.
- Possible H&S pattern at monthly resistance (pink horizontal line)
- Daily Divergence
- Daily uptrend breakout (orange diagonal)
If all the above are met we have 2 possible entries:
1. If price pullback in between 61.8 and 38.2 Fib levels (orange rectangle with red borderline) + a Good PA confirmation -Pin bar(s) or bearish engulfing candle-. This would be the top right shoulder of the H&S pattern.
2. If price breakout of the H&S Neckline and pullback to the same fib levels as above + Good PA confirmation.
*If the above are not met I wouldn't advice on taking this trade. Considering we are still on a ascending trend until market shows otherwise.
** You may search for additional entries on lower timeframes in case it confirms.
All comments are appreciated.
Comment:
Right shoulder end up being a bit short, but we should have clear re-entries a long the way..or just hold up for the next opportunity on the pullback.