EOS/USD - H&S Pattern
Updated
The idea is to trade the potential break-out of the neckline of the pattern targeting 5.2 levels with Stop just above last shoulder. If there will be another move higher and close above the 2nd shoulder than the pattern and the trade set-up would not be valid anymore.
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BTC/USD is set to go go down soon, check out this chart:
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Despite the fact that there was a move higher above the second shoulder, I still think that its reasonable to trade the breakout of the neckline with the SL above the recent high.Trade active
The trade was opened on the break of the neckline, with the new SL just under 6.17 level, target remained unchanged.Trade active
A quick update on the pattern. Have slightly modified it based on the most recent price action. Note
The RRR is even better now than initially anticipated.Trade closed: target reached
Based on the modified pattern, the TP level has been reached (5.327).Still, expect the price action to go further down.
Thanks to all who liked and followed this idea.
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