As you can see guys we have here a beautiful head and shoulder pattern on US30. The rule says what ever distance from top to neckline, after the breakout it will drop the same distance. If you can see that distance, it means it should drop down to 25619 in confluence with that zone. Price threw a wick all the way up during FOMC today but respected the pattern and dropped right back down breaking the neckline and now on its way up to retest it. that's our entry. There is a lot of confluence there.
1. zone
2. support/resistance
3. 50-61.8 fib level
4. it will either form a small pattern such as double top, or candlestick reversal pattern before the drop.
Wait for the pattern to complete before entering the trade to minimize risk or just place a sell limit and the stoploss with your take profit.
stoploss: 25877
take profit: 25495
1. zone
2. support/resistance
3. 50-61.8 fib level
4. it will either form a small pattern such as double top, or candlestick reversal pattern before the drop.
Wait for the pattern to complete before entering the trade to minimize risk or just place a sell limit and the stoploss with your take profit.
stoploss: 25877
take profit: 25495
Trade closed: target reached
I WAS ABLE TO SECURE ANOTHER SELL ON ITS WAY DOWN.
THEN PRICE CONTINUED ITS WAY DOWN AND MISSED OUR TARGET BY A MERE FEW PIOS, retraces, AND ITS NOW ON ITS WAY BACK DOWN AGAIN.
THIS BECAME A RISK FREE TRADE FOR ME.
IT WAS A GREAT CALL AND CONSIDERED A WIN IN MY BOOK BECAUSE IT DID WHAT WAS PROJECTED, A FEW PIPS MORE OR LESS DOES NOT CHANGE ANYTHING.