SQ Textbook Inverse Head and Shoulders

3 Haz 2023

SQ has formed a perfect textbook HnS pattern. Additional points:

• The pattern is relatively large
  
• After breakout, price went to retest the neckline and got rejected with a pinbar pattern on the daily and 2H timeframe.
  
• Price broke out of the 50 and 20 EMA
  

Green lines represent TP targets and red lines SL.

3 Tem 2023

İşlem elle kapatılmış

A while ago I actually closed this trade for breakeven (small profit) as I was a little afraid and wanted to de-risk before CPI and trailed my stops. That might have been a mistake on my end. However, price is now looking like a triple top/HnS, I would look to close the position for small profit upon rejection of this resistance.

6 Tem 2023

Not

WOW! price did not reject and continued to push higher towards the original target. Swim in profits. The idea was a success and I will not update this idea anymore.