Although it isn't very symmetrical, the very small selloff this morning after the fork just completed my head and shoulders pattern. It may not have the typical head and shoulders look to it, but it meets all of the requirements, and the volume patterns match what we would normally see in a head and shoulders reversal.
On the 4 hour chart, we closed beneath the neckline. When you look at the hourly or 30 minute chart, you can see that the price has now come back up to the neckline to test it as resistance, and the pattern was confirmed. The neckline which was acting as support now plays a role as a downward trending resistance.
Short term targets - $26.33, $24.98
I'm not as confident in this one but I have to throw it out there - head and shoulders target - ~ $15.50
On the 4 hour chart, we closed beneath the neckline. When you look at the hourly or 30 minute chart, you can see that the price has now come back up to the neckline to test it as resistance, and the pattern was confirmed. The neckline which was acting as support now plays a role as a downward trending resistance.
Short term targets - $26.33, $24.98
I'm not as confident in this one but I have to throw it out there - head and shoulders target - ~ $15.50
评论:
Target 1 reached. Partial Profits taken
评论:
Target 2 Reached. If you take a look at the charts you'll see that the price reached my targets and then bounced around a little bit. I have now booked profits on my entire position and am out of the trade completely.
If we get a close below the $24.98 (61.8 retrace) I will re enter my short position, looking to hit targets of $23.34, $21.50 and $20.
If we do continue down, I expect a fairly significant support around the $20 price range. If that gets taken out I think we could head down to the head and shoulders target of ~ $15.50.
Again, I am on the sidelines for now until we get a close below the 61.8 retrace.
If we get a close below the $24.98 (61.8 retrace) I will re enter my short position, looking to hit targets of $23.34, $21.50 and $20.
If we do continue down, I expect a fairly significant support around the $20 price range. If that gets taken out I think we could head down to the head and shoulders target of ~ $15.50.
Again, I am on the sidelines for now until we get a close below the 61.8 retrace.
交易开始:
Trade became active last night and target 1 was reached while I was asleep. Booking some profits and sliding stop loss down
评论:
Target 2 of second trade reached! Booked profits on half my remaining position. Stop loss moved to $23.5 and will ride this out in hopes of hitting my Head and Shoulders target! Stop loss will be moved accordingly.
