- According to autochartist database the Head and Shoulder Pattern has 81% of accuracy in it's completion. This by itself is a reason for me to enter the trade.
- I expect a double bottom to be formed after the head and shoulders completion.
- Double bottom is a 79% accuracy pattern so, target 2 and 3 has low ...
- We have a Bearish White Swan
- We have a Bearish Bat on m15
- We have confluence in Market Profile POC zone
This is a good possible PRZ.
I'm shorting only if Price Action shows rejection signs and break below the POC.
- We have a 0.618 retracement aligning with the POC for the previuous session.
- We have a potential bat pattern aligning with the POC and 0.618 retracement.
- A lot of confluence showing this area can be a Potential Reversal Zona
- See related idea.
The triangle has been broken
This is a risky trade, the retracement after the break of the bigger strutucture is too low for me, I prefer retracements to 50 ~ 61.8%, so its quite possible that the price will test the previous structure on 50 ~ 61.8% of fibo.
A head and shoulders pattern is about to complete.
According to Autochartist database the Head and Shouders pattern has 80% accuracy, so it's my prefered pattern. I don't need too much confluence to enter a trade with this pattern.