- Reverse H&S pattern finishing out, following very similar price action to the break down 1-2 weeks ago
- I expect the Gann Box to be filled to the 75% level on the down side as there is support around $188
- My entry is going to be between $188-195 as there is resistance at the $195 level. I will have my stop set at $184. On the reversal, there should be a quick shot up to $202-204 (where I plan to take profits on half) and then a break down back to $195-196 as that was the trend on the way down. At that $195-196 level I'll put 25% of my original allocation back in the trade and it should hit that $208-212 resistance (moving my stop loss up along the way).
Entry #1: 188-195, Stop loss @ 184
Exit #1: Sell 50% @ 202-204, stop loss moves up to 190
Entry #2: Add 50% to position @ 195-196, stop loss still @ 190
Exit #2: TP -50% @ 205-207, stop loss moves up to 200
Exit #3: TP -100% @ 208-212
- I expect the Gann Box to be filled to the 75% level on the down side as there is support around $188
- My entry is going to be between $188-195 as there is resistance at the $195 level. I will have my stop set at $184. On the reversal, there should be a quick shot up to $202-204 (where I plan to take profits on half) and then a break down back to $195-196 as that was the trend on the way down. At that $195-196 level I'll put 25% of my original allocation back in the trade and it should hit that $208-212 resistance (moving my stop loss up along the way).
Entry #1: 188-195, Stop loss @ 184
Exit #1: Sell 50% @ 202-204, stop loss moves up to 190
Entry #2: Add 50% to position @ 195-196, stop loss still @ 190
Exit #2: TP -50% @ 205-207, stop loss moves up to 200
Exit #3: TP -100% @ 208-212
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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.