One of the most popular Chart Pattern. This pattern appears on all times frames and can therefore you can use it if you are a swing trader or a Daily trader.
Formation of the pattern
1. Up trend
2. It is formed by a peak (shoulder), followed by a higher peak (head), and then another lower peak (shoulder).
3. The neckline is drawn by connecting the lowest of the two troughs
Entering: when the price break the neckline
Stop loss: above the right shoulder
Target: calculate a target by measuring the high point of the head to the neckline.This distance is approximately how far the price will move after it breaks the neckline.
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