Price action and chart pattern trading - A possible bull trap false breakout SMA200D > The price strong breakout last week could be forming an inverse head & shoulders pattern for a possible 4-wave correction uptrend > Wait for a pullback to complete the right shoulder consolidation pattern. > Entry : breakout - right shoulder after pullback consolidation > Target: Upper resistance +10-15% (0.382 - 0.5 Fibonacci retracement zone) > Stop: right shoulder support - 4% > Risk Reward Ratio: 2:1
Always trade with affordable risk and respect your stoploss Good Luck