This is an update to the linked weekly head and shoulders analysis.
I previously thought that the projected price target from the head (blue price measurement) was too extreme. However this makes sense when considering that this could be reached at the next fib time zone (purple), which places the target at the green star.
I previously thought that the projected price target from the head (blue price measurement) was too extreme. However this makes sense when considering that this could be reached at the next fib time zone (purple), which places the target at the green star.
Trade active:
Short Entry: 10664
Stop Loss 11014
Target 5561
R:R: 14
Stop Loss 11014
Target 5561
R:R: 14
Comment:
Comment:
Trade closed manually:
Another touch of the neckline appears likely which would penetrate the stop loss. Price may drop beforehand but I'm chosing to break even by closing now since the rationale behind the position is now undermined.
I will close the position at 9851 and flip the position to long as follows:
Entry: 9851
Stop: 9299
Target: 11987
R:R: 3.8