MATICUSDT Analysis showing possible drop.

MATICUSDT.P is showing a Head and Shoulders Pattern, which is a variation of an M formation. What I want to see to feel safe, is price drop during the next daily candle. It would be a complete fail is MATIC price exceeds the price of the current top of the Right Shoulder.

I will personally take a short because I can see different confluences in the chart that makes me think we will drop from now. The confluences I see are:

• The left shoulder has pins to the high and a stop-hunt rise, drop.
  
• We will probably see a stop-hunt rise in the 1h timeframe. Probably a sharkfin in the TDI before the drop.
  
• The head has a big M formation.
  
• We are in the level 1 retrace, we should see a level 2 drop, retrace, and finally a level 3 drop.
  
• nPOC's below the actual price.
  
• Lots of green vector candles (shorts built).
  

Talking about take profits I will close my positions in the following points:

• 1.3520 (Possible Retrace #1 - Bottom of the Right Shoulder.)
  
• 1.2644 (Possible Retrace #2 - 4h Candle nPOC)
  
• 1.2397 (Possible Retrace #3 - 1d Candle nPOC)
  
• 1.1757 (Possible Retrace #4 - 1d Candle nPOC)
  
• Set SL at entry point once price touches 200 EMA (4h)
  
• Set a SL at 1.3 when price touches 1.24
  

Happy trading!

Comment:

First TP has been achieved.
1.3520 (Possible Retrace #1 - Bottom of the Right Shoulder.)
Set your SL at entry point.

Comment:

Taking 10% Profits Here

Trade closed: target reached:

Well guys, achieved one TP and then price went to our entry. Congrats if you took the trade.