Inverse Head and Shoulders - When Resistance Turns to Support
Good evening chaps!
It's been a while since I've posted... something about a year long bear market that makes you rethink your trading strategies.
Anyway, since we've been hearing a lot about this inverse H&S, I thought it time to jump back in and place a small trade to wet the whistle.
My play is based on a conservative buy if resistance (neckline) becomes support.
Target has simply been determined by measuring the distance between the bottom of the head and the neckline, nothing fancy.
---
In the words of the late Carter Thomas; "None of this is professional advice, just a random dude on the internet giving his opinion"
It's been a while since I've posted... something about a year long bear market that makes you rethink your trading strategies.
Anyway, since we've been hearing a lot about this inverse H&S, I thought it time to jump back in and place a small trade to wet the whistle.
My play is based on a conservative buy if resistance (neckline) becomes support.
Target has simply been determined by measuring the distance between the bottom of the head and the neckline, nothing fancy.
---
In the words of the late Carter Thomas; "None of this is professional advice, just a random dude on the internet giving his opinion"
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I'm still keeping a close eye on this H&S formation, but after further research, a downward sloping neckline doesn't appear bullish enough to risk taking the trade.
If BTC breaks above the neckline and holds/bounces above previous resistance, I may still be interested in taking the trade.
I certainly don't have high hopes for a big bounce either, unless the volume picks up during the bounce.
One thing I'm learning very quickly is, ideas change as the market evolves. Trying to force the same trade just to prove a point, may unfortunately prove it in the wrong way.
If BTC breaks above the neckline and holds/bounces above previous resistance, I may still be interested in taking the trade.
I certainly don't have high hopes for a big bounce either, unless the volume picks up during the bounce.
One thing I'm learning very quickly is, ideas change as the market evolves. Trying to force the same trade just to prove a point, may unfortunately prove it in the wrong way.
