I hope your morning is going well. It looks like we have a H&S bottom on the 1hr. What does this mean? It means we're looking at a reversal. The last session showed as a soft (non-definitive) bottom on my indicators, but once we have confirmation of the H&S which we are close. This would move the probability a whole lot higher.
Good luck.
Cheers, Mike
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Note: I used 45min to be more precise on the markers. Meant to switched back, forgot.
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Head & Shoulders Bottom = Inverse Head & Shoulders for those unaware.
H&S is extremely bearish if not most bearish pattern outsdie double top, maybe you mean inverse H&S still just a double bottom move
UPRIGHTTrading
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@DigitalData, read the notes. Head & Shoulder Bottom = Inverse Head & Shoulders. You are referring to a Head & Shoulders Top
DigitalData
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@mikeright25, never in my life heard of someone call it H&S bottom, still dont think thats even close to inverse H&S
UPRIGHTTrading
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@DigitalData, really? surprised you haven't heard of the legend among patterns, Thomas Bulkowski. Look up his website/book to learn more. I've been doing this a long time, and he is the go-to for most people. Also, I'm guessing you're currently SHORT the market, right?
shkspr
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@mikeright25, I never heard a bullshit like bottom HS, does it sound cool? it's HS or IHS, don't invent word for it, and it's far from IHS.