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Since 2014, my markets approach is to spot
trading opportunities based solely on the
development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
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Hello Traders ✌
This is a quite rare and particular pattern called Head & Shoulders Top Failure. As a regular H&S Top it takes place at the top of an up-trend but, instead of signaling a possible trend reversal, it alerts about a possible continuation of the previous trend.
In addition to the normal H&S Top properties we want to see, here we have to pay attention to one more which must be present in order to call it a proper H&S Top Failure: the right shoulder must be almost completely formed before prices turn up again!
Therefore, the right shoulder should have a clear top ("A") and a clear movement to the neckline, best if it is also touched ("B").
We will look for a breakout when prices rise above the right shoulder top (blue dashed line).
🔎🔎🔎 ALWAYS REMEMBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
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⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
═════════════════════════════
Since 2014, my markets approach is to spot
trading opportunities based solely on the
development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
══════════════════════════════
Hello Traders ✌
This is a quite rare and particular pattern called Head & Shoulders Top Failure. As a regular H&S Top it takes place at the top of an up-trend but, instead of signaling a possible trend reversal, it alerts about a possible continuation of the previous trend.
In addition to the normal H&S Top properties we want to see, here we have to pay attention to one more which must be present in order to call it a proper H&S Top Failure: the right shoulder must be almost completely formed before prices turn up again!
Therefore, the right shoulder should have a clear top ("A") and a clear movement to the neckline, best if it is also touched ("B").
We will look for a breakout when prices rise above the right shoulder top (blue dashed line).
- Pattern Class: 🌕🌕🌕🌕🌑
- Target area: 19.90
- Breakout area above: 18.40
🔎🔎🔎 ALWAYS REMEMBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
═════════════════════════════
⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
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