The Sloping Neckline
Many traders will attach a from the first & second test of the neckline in order to project where the pattern completes. In a case like this where the second test occurs lower than the first, an inward sloping neckline is created which will offer a lower validation point and often an earlier opportunity for a trader to involve themselves in the trade.
Using horizontal resistance will require a more powerful level of structure to be violated before the trade can be entered, however (as you can see on the chart), you're going to have to wait a little bit longer to involve yourself in the trade and it will have an effect on your overall risk to reward ratio.
In blue is a projected "equaled measure move" or in which I used to help me project profit targets for this trade. It's not shown on this chart (but discussed in the youtube video "Using Patterns for Entries & Targets), but if you were to go down to a lower timeframe looking for a potential entry on a retest of the sloping neckline then there's also a smaller that can be used to build a case for entry as well.
I wish you guys a safe trading week.
Not sure how long I'll be back on tradingview for, but the response that I received from the random post that I did a few days ago motivated me to try and make a better effort. So no promises, but I do appreciate the love!!
Your Trading Coach - Akil