Nice Inverse head and shoulders setting up for TVK. Depending on entry, this trade is setting up for returns of + 105- 270% and just to target 1 it's around 1:3 Risk: Reward. A re-trace to 0.12 would give an excellent R:R at 1:9. If it hits target 2 the R:R is closer to 1:8 and as high as 1:22 if your entry is closer to the 0.12 mark.
Inverse Head & shoulders trade: Entry: 0.12 - 0.14 Target 1: 0.267 (Neckline to form Right Shoulder) Target 2: 0.445 (Length of head projected from neckline in confluence with the golden pocket fib zone) Stop: 0.1006 (Below pivot low 0.707)
Never Trust. Verify. D.Y.O.R. Not Financial Advice, this is my trading journal. Always remember: Technical Analysis is not about being right, it's about increasing your odds. Be prepared to be wrong. Risk management is key. Capital preservation above all else.
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Target 1 hit. I'm still in this trade- looking for the second target.
Listening to 'Chat with traders' a while back, there was a trader who's name eludes me; but he said some of his best trades happen when price gets to resistance and goes dormant just below it. TVK looks like it's currently doing this now.
next trade for the last leg of this trade: Entry: 0.234 Target: 0.403- 0.445 Stop: 0.207 R:R: 1:7 - 1:9
Alternatively wait for a breakout and retest of the neckline.