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Head_and_shoulder

SPX & NQ - Rolling Over??The stock markets are looking extremely weak at the moment and after what turned out to be a "sucker's" rally that lasted about a week from early October, things appear to be heading south quickly again. SPX has broken out of its rising channel that had begun since the start of the bull run from 13 Oct 2022 even closed (slightly) below its 200 Day moving average last Friday. Both the SPX's and NQ's momentums had clearly shifted away from a rising trend to sideways in the past 2 months (forming 2 lower peaks now). The descending triangle pattern in NQ is also potentially bearish with higher odds of breaking to the downside eventually. Any near term rallies are not to be trusted unless we can break above the trendline resistences (red) for a start, not to mention market breath in both indices need to improve significantly. Mostly trading short term or sitting on the sidelines for now. Disclaimer: This is just my own analysis and opinion for discussion and is NOT a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management (ie trailing stop loss and position sizing) is (probably the most) important! Take care and Good Luck!
NASDAQ:NDX
by Juliac
BTCUSDT Potential Bearish Reversal: Targeting below 19800Analyzing the 3-day timeframe for BTC/USD, two primary scenarios arise: Bearish Outlook: Current wave XX-Z indicates a possible triple combo wave W-X-Y-XX-Z. With wave X potentially concluding, a move downwards for wave Y is anticipated. Bullish Correction: Despite a bullish market, a correction wave 2 could drive prices down to 23,700, below the 0.5 Fibonacci level. An emerging "head and shoulders" pattern supports a bearish trajectory, targeting a price equivalent to the height of the formation, indicating prices below 19,800. Recommendation: Watch for a confirming bearish candle pattern on the 1-day or 3-day chart. Ensure proper risk management and consider external influencing factors.
BITSTAMP:BTCUSDShort
by tim13l
👑GBPJPY KEY🗝️LEVELS TO WATCH👀AND WHY🤔Hello, Traders, and Welcome! I hope you all had a fantastic weekend. As we gear up for the trading week ahead, let's kick it off with a fresh analysis. As we position ourselves in the current market, let's revisit a few of the previous patterns we have in place. The Diamond pattern plays a crucial role in this setup. Posted back in March, the chart illustrates a continuing Diamond pattern, with the price positioned above the 38% level at 181.042, which is considered a resistance level. While the 62% level at 186.658 has been hit, our main profit target remains above the 100% level at 195.794. Now, let's take a look at another idea posted back in May, the Cup and Handle pattern. The GBP/JPY chart above illustrates a Cup and Handle pattern with similarities to the Diamond continuation pattern. The price has found support at the 38% level of 178.540. Like with any price action pattern, we can use symmetry from the pattern's heights to project targets, finding the 100% level at 188.919, the same distance from the low Cup at 155.356 to the breakout at 172.136. Since we have identified a possible support level around 178, let's analyze further in the hourly chart, where we can identify a price action reversal pattern, the Inverse Head and Shoulders. ( On the hourly chart, GBP/JPY has formed an Inverse Head and Shoulders pattern. The critical level to watch is the NECK LINE BREAKOUT at 183.008, and currently, the price is trading below it. Here's the strategy idea: We will patiently await a long entry opportunity above the NECK LINE BREAKOUT at 183.008. To confirm this potential bullish scenario, we'll be looking for a surge in volume, indicating active market participation. After executing the trade, our protective stop will be positioned at the midpoint of the right shoulder, with a stop level set at 182.017. Our targets will be placed at two key Fibonacci levels: - 62% Fibonacci level: 186.095 - 79% Fibonacci level: 186.913 We may consider partial profit-taking within this zone. If the trend remains strong with no signs of reversal, we can aim for even higher targets at 127% and 162%. Wishing you a successful trading week ahead! TCPLTP
Long
by TradeChartPatternsLikeThePros
#EURAUD H&S pattern confirmationHello, traders. I hope you all had a great week. Let's take a closer look at the EURAUD chart, which currently appears to be forming a reverse Head and Shoulders pattern. One positive aspect of this chart pattern is that the price has formed it within a strong support zone, including the Daily Bullish trendline and the previous Daily market top, which is now acting as support for the price. You can observe both of these elements when you review the Daily time frame. The presence of a bullish chart pattern around a significant low or support area certainly enhances the likelihood of the formation moving in the expected direction. Now, to execute this trade, I would recommend patiently waiting for a retest of the broken neckline and then targeting the minimum one-to-one price target of the head and shoulders target. However, it might be a good strategy to consider taking partial profits along the way up.
Long
by mohemati
4
🔥 FTM Head & Shoulders: Peaking Into The AbyssFTM has been one of my favorite tokens during the bull-run, but has lost nearly all of its value over the last two years. In its current state, it's one of the weakest big alts. In my eyes, there's potential for more bearish price action in the future. I think that FTM can fall as far as 0.03 USD. Consequently, this would be my ideal area to step in for a long-term position. I'm waiting until the price closes below the neck-line of the pattern before making an entry.
Short
by FieryTrading
16
Dr copper potential more downside moveHello traders, lets take a look at copper which testing an important resistance area and see what can possibly happen and what are the consequences of possible bearish move in other markets like us equities. first lets talk technical, price overall bearish Daily move in copper formed a standard #head_and_shoulder pattern in form of consolidation in downtrend move and as we know this chart pattern in the middle of a move showing continuation. As it can be seen price formed clear H&S pattern and now forming possible LH at key resistance area below Daily EMA and at the 4H timeframe 200 EMA. more importantly price failed to close above 3.80$ in the past 3 days. Also we know that copper as one of the most important commodities is very sensitive on economic data, and since central banks are in raising interest rate campaign in order to take control inflation this can be interpreted as lower economic growth and as a result les demand for industrial commodities like copper which can bring prices lower. so now obvious chart pattern and a valid downtrend, price testing important resistance area and failed to break above it and more importantly we have fundamental aspect inline with technical analysis which all together gives good odd to find a trigger to short.
CAPITALCOM:COPPERShort
by mohemati
EURCAD ↘️ ↘️ Head & shoulders pattern Hello Everyone 🙋🏽‍♂️ A head & shoulders pattern with a descending channel set the stop loss 1.44692 and take profit at 1.35600 We are not responsible of any losses for anyone, our trades are profitable more for long terms and we take losses as everyone, manage your lot size as well and your SL and TP Don't forget to hit the like bottom and write a comment to support us. Follow us for more 🙋🏻‍♂️ Best Regard / EMA Trading . Disclaimer: ---------------- It's not a financial advise, As everyone we take losses sometime but for long term trading we are profitable traders, so manage your account well with SL and TP and your lot size to keep your account safe and stay in the market .
Short
by EMA_Trading
8
👑 EURCAD 🗝️ LEVELS TO WATCH👀AND WHYGreetings traders.👋 Today's spotlight is on EURCAD, revealing an enticing trading prospect. After a thorough review of the daily chart, it's evident that we're witnessing a quintessential Head and Shoulders reversal pattern. The crux of our observation lies in the price's decisive move below the neckline, pinpointed at 1.42850. The price didn't just breach this critical level but retraced to validate it, reinforcing its importance. With the price now operating beneath the breakout candle, we're anticipating a bearish journey ahead for the pair. For those contemplating a trade: Stop-Loss: Think about positioning it just above the preceding peak before the breakout or around the median of the right shoulder for an added buffer. Profit Targets: Set your sights on capturing gains equivalent to 62%-79% of the Head and Shoulders pattern's full height, starting from the point of neckline breakout. We value your insights. If this analysis aligns with your strategy and proves beneficial, we'd appreciate your endorsement. Share your thoughts or questions in the comments. Remember, risk management is paramount. Trade wisely. Wishing you successful trades. TCPLTP
Short
by TradeChartPatternsLikeThePros
2
BTC Potential H&S PlayAs BTC was recently rejected from the 200 day SMA (~$28,000) as well as the 0.5 Fib level (of rally June 16-23), the potential for Head & Shoulders pattern is coming into play. SPY is also testing lower trendline of it's rising wedge ("recession news" likely coming) and could capitulate, leading to further pressure on BTC. Just some Wine Wednesday speculation, but I wouldn't be surprised if we see another sharp leg down before the end of the year. Long term bull, but "Uptober" might be a bulltrap.
COINBASE:BTCUSDShort
by DougCatBounce
SPX - Still within longer term supports Despite a difficult last 2 months when both SPX and NDX have formed a potentially bearish Head and Shoulders formation, both are still holding at their respective necklines so far. Upon zooming out, we could also see that SPX is still trading within its rising channel that was formed since the start of its bull run from Oct 2022. what transpired so far was a mean reversion to channel support and towards a rising VWAP anchored at a major pivot point on 13 Mar this year (creating next possible supports for SPX at 4260 - 4275 should its H&S neckline be breached). Similarly, I am seeing that heavyweights like META, AAPL, AMZN, GOOG, TSLA are now sitting on (or near) their respective VWAPs anchored from their respective major pivot low during March or April this year. Might not be time to be longer term bearish yet unless we see a breach of the rising channel. On the flip side, markets are still fragile and momentum for any rebound is still lacking and it's best to be cautious until we see a clearer direction over the next few days or even a week or 2. Disclaimer: TA is about improving our odds of a successful trade (not a guarantee). This is just my own analysis and opinion for discussion and is NOT a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management (ie trailing stop loss and position sizing) is (probably the most) important! Take care and Good Luck!
SP:SPX
by Juliac