SQ Textbook Inverse Head and Shoulders
SQ has formed a perfect textbook HnS pattern. Additional points:
Green lines represent TP targets and red lines SL.
- The pattern is relatively large
- After breakout, price went to retest the neckline and got rejected with a pinbar pattern on the daily and 2H timeframe.
- Price broke out of the 50 and 20 EMA
Green lines represent TP targets and red lines SL.
Trade closed manually
A while ago I actually closed this trade for breakeven (small profit) as I was a little afraid and wanted to de-risk before CPI and trailed my stops. That might have been a mistake on my end. However, price is now looking like a triple top/HnS, I would look to close the position for small profit upon rejection of this resistance.Note
WOW! price did not reject and continued to push higher towards the original target. Swim in profits. The idea was a success and I will not update this idea anymore.
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.