Price broke the well respected level of resistance and retested it as support. Price is now in a corrective channel and I am hoping to catch the drop from point 5.
I entered this trade as price broke out the channel, retested structure, but I was expecting another rejection of that area before the drop. If price reaches my 1 to 1, i will be moving my SL to entry.
- Created a head and shoulders -Broke Out Pattern - I have moved SL just past entry as there is a wick rejection of the trendline could be a reversal, so I want to protect capital.
-Price has created a head and shoulders pattern -Price broke the neckline -Price is on route to retest the neckline & possibly have a third touch of the descending trendline -I will aim to enter at the third touch, if the opportunity arises -If not, entry will be at a fib level rejection
A bullish pennant contains a descending channel and a possible inverse head and shoulders pattern. I entered of the possible shoulder which lined up nicely with the 0.786 fib level, there was also a slowdown of momentum here and the 4HR was a doji at the time. Placed stop loss below the possible head and bullish pennant trendline and the take profit in line with...