We broke through and closed above the level I was using to denote the neckline of the smaller H&S, establishing the right shoulder. I've placed a buy order and will now sit and watch for a fill. While entry at the base of the right shoulder would yield a higher R, it is a lower probability trade. If we break that right shoulder high, I think we will head to the head of the smaller H&S and complete the Inverse H&S; simultaneously probing liquidity located at the inverse H&S neckline. Loads of confluence with this move if it plays out. My only worry is if I get brought into the trade and we actually fail the inverse H&S. Market structure is in favor of the long play though.
订单已取消:
Pulled the order, inverses H&S failed