Anywho, my LONG's TP line from last night was taken out probably because of:
1) USD meeting expectation so the hype is over 2) New sanctions against Russia started the drums of war again.
BUT! going LONG AGAIN for the following reasons:
1) H&S formation (though slanted) with a) price bouncing off a previously placed H/L line (Orange) and b) price bouncing off a long, long term Bullish trend (Dotted Orange) 2) 2HR MACD is doing a double cross of 1) itself and 2) zero line 3) 5M Ichimoku is crossed 4) A double bounce off of a 15M 200MA line 5) Bounce off of the 1HR ichimoku line
So, in a H&S trade, you're supposed to wait for the SHOULDER to be crossed and then set the SL at the last peak/valley... I chose to start in now (as I'm golfing and will check in around 5th hole), with a loose SL. I may switch to a BE stop however.
You may wait for the following reasons:
1) Wait for the H&S to confirm 2) Wait for the 1HR MACD to do its cross
Or, wait till the weekend because Putin loves to move on Saturdays.