Chart study on reversal with multiple components
I've been looking at this chart basically the entire day. I traded it long but got stopped out because I was too early.
I wanted to post here so I can study it some more and figure out where exactly can I enter?
But first the analysis
1. Price is trending down with a clearly defined channel
2. But this is after a previous impulsive move up so I thought this downtrend was only a natural corrective structure.
2. Then an inverted head and shoulders formed - When the right shoulder materialized, it alerted me to the possibility of going long.
3. A triangle formed on the right shoulder.
4. Price went up again after than and never looked back after the triangle breakout
I'm gonna see how I can refine my entries based on this chart.
The effect of a real-time chart developing is quite strong.
I wanted to post here so I can study it some more and figure out where exactly can I enter?
But first the analysis
1. Price is trending down with a clearly defined channel
2. But this is after a previous impulsive move up so I thought this downtrend was only a natural corrective structure.
2. Then an inverted head and shoulders formed - When the right shoulder materialized, it alerted me to the possibility of going long.
3. A triangle formed on the right shoulder.
4. Price went up again after than and never looked back after the triangle breakout
I'm gonna see how I can refine my entries based on this chart.
The effect of a real-time chart developing is quite strong.