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Neckline

EURUSD - H&S back on!The head and shoulders pattern looks like it would form once again. We have saw a double bottom form at the support level and the price has broken the neckline of the double bottom and looks like the price is now retesting the broken neckline, if this broken resistance now acts as a support level its a great position to enter a long trade. If the price starts to rally we could see this long awaited head and shoulders patter form. I will keep everyone updated on this pair over the coming weeks.
Long
by JohnnyPurtoy98
rising wedge still valid; 4hr srochrsi reset.As I had said an idea or so ago we will likely fake a breakout once or twice to reset rsi and stochrsi levels before w have enough momentum to break above the neckline of the inverted head & shoulders pattern. What was once looking like your average bull flag has morphed into a sort of small falling broadening wedge and now are 4hr stoch rsi is ready to go up again. I was also able to widen the bottom trendline of the rising wedge slightly and still maintain it's trend validity. So unless we see a big surge in bear volume here we are still inside the rising wedge and also found support at the wedge. If we do break down from the lavender wedge we may drop all the way back down to retest the bottom trendline of the symmetrical triangle. I think probability favors the uptrend still especially with the recent 4hr golden cross but need to anticipate the opposite happening as well. Just my opinion and not intended as financial advice. Good luck out there and thanks for reading.
BITFINEX:BTCUSD
by DrDovetail
NEO struggles to stay above necklineNEO has printed what seems to be a clear Head & Shoulders pattern on the 4 Hourly - this is often characteristic of am imminent bearish scenario. However, for this to take place, NEO needs to break below the neckline to complete the H&S. The bearish case is for the projected neckline to coincide perfectly with the lower support level (in red) to complete a possible 'double bottom'. Nonetheless, the bullish scenario would be for NEO to bounce on this neckline to retest its previous high (in green). Happy trading out there :)
Short
by gingerbre4d
Testing the Neckline of the Inverted Head & Shoulders PatternA nice bull surge has taken us to the neckline of the inverted head and shoulders pattern! We pierced it on the last candle..if we can close a couple candles above the neckline I'm fairly confident we will be revisiting the rimline of the inverted cup and handle pattern we broke down from last month. Breaking out from the inverted head and shoulder pattern will also allow us to break upward from the current pink symmetrical triangle we are in as well. However we need to keep an eye on the top trendline of the rising wedge we are still in (in lavender) breaking above this would be a very bullish sign indeed. As with all head and shoulder patterns...wait for the breakout (lots of bullish volume) to decide what to do, as they often times will end up being fakeouts. Good luck in whatever you decide to do, remember this is not financial advice, and thanks for reading!
BITFINEX:BTCUSDLong
by DrDovetail
2
[GE] Is It Time For General Electric Bulls to Return?Noticed a Inverse Head and Shoulders pattern looking formation here. The 50 and 200 MAs also looking to converge around the neckline on 4-hr chart. The neckline at $15 seems to be important, it has held support after a sharp bounce from the lows in the '08-'09 crisis. If it can't hold above the neckline, some serious selling could occur unless fundamentals change. Don't have much fundamental basis for a bull view, though. We'll have to wait and see the next ER!
NYSE:GE
by NYFinancials
We already reached the neckline of the adam & eve on 5/5!A very important update on bitcoin! I would have posted this much sooner, but as murphy's law would have it, just as everything reached the neckline, and the turned back towards the downside, my computer's hard drive failed and the day prior to that I broke the lcd screen on my phone essentially locking me out of my crypto accounts. Phone took 2 days to fix, but my computer has been having all its data backed up on it for the past 5 days in a row and micro center still hasn't finished backing it up yet. So for now I've had to resort to using a lenovo tablet that's memory can't handle more than a webpage at a time and trying to move trendlines around on a chart takes 10 times as long because it keeps moving the wrong trendlines. Because of these technical difficulties, it took me way longer than it should have to go back and reevaluate the double bottom trendlines and come to an exciting and very encouraging realization. The Adam portion of the double bottom's left trendline is actually a notch or 2 higher than the tip of its right trendline. Because of the height difference between the 2 lines, the neckline of the double bottom is actually on more of a downward sloping angle than originally thought. Due to this, the curving pink eve trendline has already converged with the neckline of the double bottom on May 7th, but the price action actually already broke above the neckline 2 days prior to that on Cinco de Mayo. The price action did not stay above the neckline long enough to trigger the double bottom breakout however and is likely now just forming a handle to attach to the eve portion of the double bottom's cup like exterior. Eve seems to be multi tasking taking on the roles of both a cup and handle and a double bottom at the same time. The question now is just how deep and how wide Eve's handle will go before it breaks upward and back above the neckline to trigger both the cup and handle and the double bottom. One guess I have is the longstanding horizontal grey line that has acted both as strong resistance and strong support in the past. It sits just below the 9,000 mark, and that is around the exact same area that the projected price drop of the recently triggered head and shoulders pattern had us dropping to as well. On top of that we can see that the 4hr stoch rsi now has plenty of room to go back upward and that the standard rsi would just then hit oversold conditions upon reaching that zone. All a perfect recipe for a huge rebound bounce. Hopefully you followed my opinion from a few ideas back on limit selling a few pips below the psychological resistance of 10k with a stop buyback set up a pip or 2 above the 1day chart's 200 MA that was sitting as strong back up resistance just above the 10k resistance. If so you'd be sitting pretty right now, and could buy back in comfortably once this handle's downtrend is finally over for a nice profit. It's exactly what I was planning to do myself but having both my trading devices break on me back to back days prevented me from getting my limit sell in on time. Next time I will be better prepared and will always expect the unexpected. One thing to never expect however is for what I share here to be financial advice, for it never is and your financial advisor I am not. Choose your own path and make your own decisions if you choose to base any of your decisions on any of my ideas you do so on your own accord and at your own discretion. I wish you luck and in my next idea I will go into details about the hidden cup and handle fractal I'm seeing throughout many alt coins right now and how it lends feasibility to the entire price action of 2018 from bitcoin being potentially inside one big cup and handle pattern Stay tuned for that one and as always, be excellent to eachother and thanks for reading!
BITFINEX:BTCUSDLong
by DrDovetail
8