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FieryTrading
Aug 31, 2023 1:00 PM

🔥 XMR Bullish Head & Shoulders: Watch This Pattern! 🚨 Long

Description

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XMR appears to have formed a clear inverse head & shoulders pattern, which is the direct opposite of a normal H&S pattern. Classically, this pattern appears at important areas of trend-reversal.

I'm going to wait for the neckline to break. Once the price has closed above the neckline, it will be my entry signal. Stop below the right shoulder, target at the 2023 highs.

Note: I'm not counting the August 17th wick because it was a stop-loss cascade wick.
Comments
pejman_zwin
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Let me follow up.🖋
SwingTradingOnly_
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Good one
JoeChampion
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Good job fella!
KlejdiCuni
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Considering the market conditions your forecast should work very well. Great job
ArmanShabanTrading
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Great analysis!
SwallowPremium
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Very nice work, we also have the same opinion)!
w0lf361
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is it still valid? it broke under the right shoulder
FieryTrading
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@w0lf361, It wicked below indeed. Pattern still valid, just less likely to hit our entry criteria.
basictradingtv
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very interesting triangle breakout coming...
FirstNameHelen
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Interesting view, I'm probably agree with your analitycs
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