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Head_and_shoulder

SPY close analysis, 3/27/2023 -- Inverse head and shoulders?Choppiness prevails. This is a premium sellers dream and a nightmare for swings. Looks to me like the low is in for the short term cycle. Price never dipped low enough into the diag demand zone I projected on the 23rd for the bullseye target Price seems to have found some support off the indecision zone today. I'm neutral-to-bullish until we lose 394.5. In the *what if* crystal ball projections spirit, I propose a potential inverse head and shoulders, taking price into the >420 zone depending on completion date. Now THAT would be interesting.
AMEX:SPY
by upslidedown
GBPUSD: short if Neckline is BrokenThe GBP/USD has broken the weekly downtrend but faced support at the 1.215 level, which is also the 23.60 Fibonacci level. I expect the price to retest the previous resistance level around 1.228 to form a head and shoulders pattern before reversing down to attempt to break the neckline at 1.220. This would be a signal to enter a bearish trade with a target of at least 1.214. ------------------------------------------------------------------------- Let me know your thoughts in the comments, and show your support by liking the idea. Please follow if you're interested in more ideas like this. Your support is greatly appreciated!
Short
by Candlestick_OB
2
BOOK of SAMUEL: DAVID V GOLIATHWow! This is a first for me, in such a large timeframe. Looking at both patterns forming. The larger head & shoulders pattern may take precedence, as it is generally considered to be a more significant pattern. If the H&S pattern is confirmed, it would suggest that the uptrend is ending and that a downtrend may be beginning. However, if the Inverted H&S pattern is also confirmed, it could indicate that the trend is changing and that an uptrend is beginning.
CME_MINI:ES1!
by theswiftninja
Possibilities of Spy to 360 1DObserving the daily chart, it appears that a head and shoulders formation has emerged, which may indicate significant changes on the horizon that have yet to be disclosed. This channel has persisted since October of last year, suggesting that a potential shift in market dynamics may be underway. Additionally, if this head and shoulders pattern holds true, it could trigger a significant bearish trend with potential retests of support levels around 360 and possibly even down to 320. Powell's recent tendency to keep his announcements brief and to the point also warrants attention, as it may reflect a cautious approach to managing the economy. As always, it's important to stay vigilant and stay informed as events unfold.
AMEX:SPYShort
by Adventure_Joe
Bullish pattern on bitcoin?Bitcoin broke out of the descending channel a few weeks ago during the run up in price. A reversal happened at what appears to be a neckline of a potential inverse head and shoulders. I drew the pattern the first week after it hit. Would want to see 18-20k put up a fight (20 w moving average support at the top of the descending channel, which is also at the 2017 market cycle high) Seems like a lot of confluence for a nice re-test, consolidation, and breaking of the 200 w moving average to the upside. There is plenty of fear in the market right now, for good reason. To invalidate this inverse H&S setup, hitting the previous low (or worse) would do it. 19.6k entry, 4.5 reward/risk ratio.
BITSTAMP:BTCUSDLong
by chikinjoe
NZDUSD on an inverse H&S 🦐NZDUSD after our previous analysis reached the 0.61 support area. The price created a potential inverse Head & Shoulders pattern with 2 right shoulders that have higher lows. The pairs has now broken the neckline and some more buying pressure can be seen at the EU or US market open. How can i approach this scenario? I will wait for a potential test of the previous resistance, now turned support, and IF the price will satisfy the Plancton's strategy rules we will set a nice Long order.
by InkyGrip
4
NZDUSD: Head and Shoulders Pattern CompletedThe NZDUSD pair has completed a head and shoulders pattern on the daily timeframe, with two bullish engulfing candlestick patterns appearing in the last shoulder, indicating strong momentum pushing the price higher. On the 4-hour timeframe, we can see that the price has broken out of the downtrend and failed to make any lower lows, supporting our view that the price has reversed from a downtrend to an uptrend. However, the price needs to break above the neckline and resistance level at 0.62680, which it failed to do last week. Also, the 200-period moving average on the 4-hour timeframe may act as resistance. Therefore, we expect the price to dip slightly to the area between 0.62243 and 0.61925 before waiting for a buy signal to push the price towards 0.63550. If the price does not bounce off the support area and breaks above the neckline, that would be a signal to buy towards 0.63550. ------------------------------------------------------------------------- Let me know your thoughts in the comments, and show your support by liking the idea. Please follow if you're interested in more ideas like this. Your support is greatly appreciated!
Long
by Candlestick_OB
Cashing in on Chaos: A Short USD/JPY Breakout Sell-Stop Trade"Dear Tradingview family, Symbol: #USDJPY Strategy: #Breakout_sell_Stop Trade. Trade Call Type: #Short. Indicators: #Price_Action. #Chart_patterns, #Head_and_shoulders Bearish breakout. #RSI_Divergence. RichTL Entry: Short when price breaks below the neckline of weekly H&S Pattern, Weekly Support line and Weekly Trendline. Anchor Time Frame Weekly Trading Time Frame: Daily. Entry Price: 126.701 Stop Loss: 138.469 Take Profit 1: 112.960 Take Profit 2: 100.426 Take Profit 3: 1.10239 Risk Reward Ratio TP1: 1: 1.7 TP2: 1: 2.17 Methodology As an accomplished and highly knowledgeable forex expert with extensive experience in trading various financial instruments, including crypto and stocks, I shall employ a meticulous methodology that entails a comprehensive examination of the price action and critical levels, while utilizing a blend of indicators and chart patterns. My approach shall involve seeking out promising trendlines, as well as support and resistance levels that may present opportunities for price reversal, with the aid of our indicators that will serve to substantiate the reliability of our analysis. Once I have completed my assessment, I will ascertain the optimal entry and exit points for our trades, in addition to determining the most suitable stop loss level that will enable us to prudently manage risk. Analysis My analysis of the USD JPY chart reveals a clear Head and Shoulders pattern on the weekly timeframe, supported by a bearish divergence seen on the RSI indicator from the left shoulder to the head price. Despite the price struggling on a daily support line, there are no strong indications from the daily and weekly RSI to suggest a breakdown of this support at this time. I anticipate that the price may rise to encounter resistance in order to expand the width of the right shoulder and create a double top pattern prior to breaking the current support level. Once the support level is breached, the next move will be to proceed with a breakout of the Head and Shoulders pattern, which may potentially lead to a breach of the next strong weekly support and weekly trendline that has been in effect since December 2020. My sell stop entry will be executed once this breakout occurs, following the conclusion of the ongoing tug-of-war between the bulls and bears. This entry will be akin to a smooth descent, much like jumping down from a waterfall. Conclusion: Drawing from our analysis, I have identified a viable opportunity for a short trade. My take profit targets are situated at key support levels on the chart, namely S1 and S3. The RRR at S1 is 1:1.7, while S3 offers a more balanced risk to reward ratio of 1:2.17. My strategy will entail securing partial profit at R1 before trailing the stop loss to the entry point. Overall, I am optimistic about the success prospects of this setup based on our technical analysis. However, it is imperative to remain vigilant and closely monitor the price action to make any necessary trade adjustments in response to new information that may emerge.
Short
by The_TradingW0LF