YM Inverse H&S pattern

[illiquid]

Dunno, the left shoulder and head don't seem to be discrete enough on today's chart, and maybe not enough technical traders piled in on the neckline break to achieve the minimum profit objective of neckline + distance from lod (head)? The penetration of the NL seems to have made somebody's sell signal however.

In any case, if you're gonna play this as a H&S, wouldn't you be out by the violation of lod or even right shoulder low?

 

[Rickshaw Man]

Quote from illiquid:

Dunno, the left shoulder and head don't seem to be discrete enough on today's chart, and maybe not enough technical traders piled in on the neckline break to achieve the minimum profit objective of neckline + distance from lod (head)? The penetration of the NL seems to have made somebody's sell signal however.

In any case, if you're gonna play this as a H&S, wouldn't you be out by the violation of lod or even right shoulder low?

That patten is void.

 

[Rickshaw Man]

Will buy another at @10510, and one last @ 10500. I dump the whole postition @ 10475.

 

[Rickshaw Man]

Quote from Rickshaw Man:

Will buy another at @10510, and one last @ 10500. I dump the whole postilion @ 10475.

Everything is set, signing off fellow traders.

 

[illiquid]

Put your trust in the pattern or setup, not the position -- shorting a broken invert H&S is one of the better opportunities out there . . .

 

[Rickshaw Man]

Quote from illiquid:

Put your trust in the pattern or setup, not the position -- shorting a broken invert H&S is one of the better opportunities out there . . .

Well did you?

 

[easyrider]

Id be careful about going long. 'Took out some important support this afternoon. Look to the left of this 60 min chart for next support.

 

[illiquid]

Quote from Rickshaw Man:

Well did you?

Nope -- it didn't really look like an inverted h&s to me as I wrote above. Just saying if you're gonna go long for an H&S to play out, the failures work just about as well and sometimes pay off even faster. JMO.

Didn't mean anything more by what I wrote, I guess I got confused by your thread title and took the pattern in isolation as to your reasoning for taking your position, mb.

 

[Charlie Dow]

Quote from Rickshaw Man:

Will buy another at @10510, and one last @ 10500. I dump the whole postition @ 10475.

Your posts are a perfect example of why you don't chase the Market. You started buying 44 points from the current bottom in a Bear Trend with price making new lows and the only recovery was the close's dead cat bounce.

 

[Rickshaw Man]

Quote from Charlie Dow:

Your posts are a perfect example of why you don't chase the Market. You started buying 44 points from the current bottom in a Bear Trend with price making new lows and the only recovery was the close's dead cat bounce.

Bear Trend, maybe. You stick with you trades, and I'll stick with mine. Buy the way what are your trades at the moment? or are you like all the rest of the posters here on ET who trot around telling everyone what they should or shouldn't do, and they don't even post their own trades.


The facts are, right now my trade is at break even @10546, how about you whats your status.