faris.makki
Short

Short Dax - H&S & losing momentum

FX:GER30   DAX Index
Head and shoulders pattern is emerging. Expecting a significant C wave correction ( Elliott wave count).

Short entry: 11724
Take profit 1: 11336
Take profit 2: 11183
Stop loss: 11906
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RRR: 3+
Trade active
Comment: Price continued up to fibonacci 0.236 and is currently forming a flag.

I may revise the TP because it looks the corrective structure could be a flat
Comment: Flag support was broken:

Now for that steep channel

Comments

Way too early... You're trading something that is not on the chart.
H & S have to be validated by the neckline of the pattern being broken, it's not the case here...

No trigger = No trade.

IF it ends well it will be luck, not skill and discipline ;)
Reply
@fxswing, You are wrong. I was expecting a wave to end at that point according to my wave count, however it seems I was wrong about what type of corrective wave it would be. Has it been a regular zigzag it would be both that and a "head and shoulders". It's a risky trade but I accounted for the risk as you can see there is ample space for price to roam and the position size is relatively smaller than others. Thank you for the input.
Reply
fxswing faris.makki
@faris.makki, ok, there's no point arguing with you...

Good luck with that trade.
+1 Reply
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