BNB Head and Shoulders
Updated
*logarithmic scale*
Binance Coin broke the uptrendline, formed Head and Shoulders🤷 pattern and price just broke the Neckline recently. I think there is chance for drop to 166 (logarithmic scale target) and even to 116 (regular scale target - see below).
Setting SELL LIMIT order to neckline level to catch🎣 the potential pullback.
Binance Coin broke the uptrendline, formed Head and Shoulders🤷 pattern and price just broke the Neckline recently. I think there is chance for drop to 166 (logarithmic scale target) and even to 116 (regular scale target - see below).
- ENTRY: neckline @ 255
- STOPLOSS (SL): Right Shoulder @ 317.8
- TARGET (TP): H&S target projection @ 166 (logarithmic scale) | H&S target projection @ 116 (regular scale)
- REWARD RISK RATIO (RRR): 1.44 | 2.24
- INVALIDATION: when SL level hit
Trade active
Order filled ✔️Trade closed: stop reached
Stoploss hit 🛑 (pattern invalidated). Price chasing the uptrendline to backtest it?
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.