This is QQQ hourly chart right now. Is this a double bottom pattern or a head and shoulders pattern? It will tell later today or tomorrow.
As showing in the chart.
- watch price at 200 ema - 200 ema may act as resistance due to decrease in momentum at that area - price may reach 129.800 and pullback towards the mR1 before going up - if price breaks past the 200 ema and 129.800, buy to t1 - mR2 - breakout from R1 suggests price may continue to scale up after pullback from either the 200 ema or 129.800 price
- price rose to previous high and failed to break it - multiple touches - take trade to the 50 fibonacci retracement - SL: 7-10 pips above today's high - risk/reward: 1:6 - pips gained: 28 pips