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inverted head and shoulders, anyone?
Členom od Aug 06, 2009
397 príspevkov
Nov 16, 2009 at 18:08
(upravené Nov 16, 2009 at 18:09)
Členom od Aug 06, 2009
397 príspevkov
Členom od Aug 06, 2009
397 príspevkov
Nov 18, 2009 at 19:45
Členom od Aug 06, 2009
397 príspevkov
Členom od Oct 17, 2009
10 príspevkov
Nov 18, 2009 at 21:00
Členom od Oct 17, 2009
10 príspevkov
<a href= target='_blank'><img src= /></a>Hi Biz,
I'd say that was a good probability trade for a long, but not sure about the inverted H&S. Its a bit messy for me, the right shoulder is too low. I attached a chart for your consideration. If I was going to take that I'd take the first profit at either the underside of that descending trend line or at the high traffic area at the horizontal line.
A good set up though. I'd also be weary of what looks like a shooting star from yesterday. Price rejected those highs (note the resistance at the top of that wick, put a horizontal line there and its uncanny how s&r works - it works!!) and if yesterday's candle was at the top of a sustained rally, I'd be shorting. Is a shooting star in the wrong place still a shooting star?? Anyway, that long wick would bother me slightly and stop would be tight on this one.
Good luck if you take that. I'll be watching what happens from the side.
Darren
I'd say that was a good probability trade for a long, but not sure about the inverted H&S. Its a bit messy for me, the right shoulder is too low. I attached a chart for your consideration. If I was going to take that I'd take the first profit at either the underside of that descending trend line or at the high traffic area at the horizontal line.
A good set up though. I'd also be weary of what looks like a shooting star from yesterday. Price rejected those highs (note the resistance at the top of that wick, put a horizontal line there and its uncanny how s&r works - it works!!) and if yesterday's candle was at the top of a sustained rally, I'd be shorting. Is a shooting star in the wrong place still a shooting star?? Anyway, that long wick would bother me slightly and stop would be tight on this one.
Good luck if you take that. I'll be watching what happens from the side.
Darren
Low risk, low emotion.
Členom od Aug 06, 2009
397 príspevkov
Nov 18, 2009 at 22:55
Členom od Aug 06, 2009
397 príspevkov
hi darren, thanks for the comment.
i haven't made the trade yet, just something that i'm exploring. i don't really like formations like shooting stars, dojis or any of the several candle patterns - i just find it too random.
the right shoulder is too low if you look at it horizontally, but as i've shown in the image, the head and shoulders formation is occurring inside the downtrend channel, so if you were to look at it after rotating the channel to be horizontal, you would see it's a perfect head and shoulders formation.
just testing it though, i really hate making trades against the trend so i'm waiting it out to see what happens.
i haven't made the trade yet, just something that i'm exploring. i don't really like formations like shooting stars, dojis or any of the several candle patterns - i just find it too random.
the right shoulder is too low if you look at it horizontally, but as i've shown in the image, the head and shoulders formation is occurring inside the downtrend channel, so if you were to look at it after rotating the channel to be horizontal, you would see it's a perfect head and shoulders formation.
just testing it though, i really hate making trades against the trend so i'm waiting it out to see what happens.
Sleep is for the weak.
Členom od Oct 17, 2009
10 príspevkov
Nov 20, 2009 at 15:43
Členom od Oct 17, 2009
10 príspevkov
Low risk, low emotion.
Členom od Aug 06, 2009
397 príspevkov
Nov 20, 2009 at 16:11
Členom od Aug 06, 2009
397 príspevkov
gbl_am posted:
Hi Biz,
Maybe we should've taken that long.
yeah, maybe 😄
i'm still keeping an eye on it, looking to see if it completes as expected.
need to spot some more of these occurrences, to see what's their probability.
if you find something similar, feel free to post it here.
Sleep is for the weak.
Členom od Oct 17, 2009
10 príspevkov
Nov 24, 2009 at 22:24
Členom od Oct 17, 2009
10 príspevkov
Yep, definitely should've taken that long
biz0101 posted:
gbl_am posted:
Hi Biz,
Maybe we should've taken that long.
yeah, maybe 😄
i'm still keeping an eye on it, looking to see if it completes as expected.
need to spot some more of these occurrences, to see what's their probability.
if you find something similar, feel free to post it here.
Low risk, low emotion.
Členom od Aug 06, 2009
397 príspevkov
Nov 25, 2009 at 11:16
Členom od Aug 06, 2009
397 príspevkov
the move completed, and although it wasn't perfect, it was still possible to get about 180 pips from this move.
Sleep is for the weak.
Členom od Mar 10, 2011
10 príspevkov
May 05, 2011 at 22:59
Členom od Mar 10, 2011
10 príspevkov
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