This is my first post on TV and I am pretty new to TA, so positive constructive criticisms are welcome.
Started looking at this H&S pattern forming on the 6H and it puts a target price of around .44-.45 cents if it plays out. That price level is also confluent with the 200 day MA, which would be a major zone of support.
If I were looking to put in a long trade or accumulate, I would shoot for the .45 cent range (about 18% dip from current price of .58). If I were looking to short, I would wait for bearish confirmation by breaking the .55 level and putting in the short trade at that time.
This can be invalidated with a move above the .60 cent range in convincing fashion.
NOT FINANCIAL ADVICE | I AM A NOVICE TRADER!
Started looking at this H&S pattern forming on the 6H and it puts a target price of around .44-.45 cents if it plays out. That price level is also confluent with the 200 day MA, which would be a major zone of support.
If I were looking to put in a long trade or accumulate, I would shoot for the .45 cent range (about 18% dip from current price of .58). If I were looking to short, I would wait for bearish confirmation by breaking the .55 level and putting in the short trade at that time.
This can be invalidated with a move above the .60 cent range in convincing fashion.
NOT FINANCIAL ADVICE | I AM A NOVICE TRADER!
In looking at the chart after yesterday's move and consequent rejection, I began to wonder if the pattern was meant to be made using the first local top, followed by now a matching second shoulder at .65.
No idea for sure, but it does seem to fit better than my previously charted pattern.