This is my first published idea on TV so any constructive feedback is appreciated.
As we sit retesting the major resistance/support level at 171 with all the hopeful bulls calling for a breakout, I'm noticing a potential H+S pattern forming along this resistance as the neckline. With this being said I expect we will see another retest of the 171 within the next hour or two as the 20 EMA catches up with the price action and acts as support. A successful breakout will activate my short term target of 192. A failed breakout and I will look towards the formation of a right shoulder with a short term low of approx. 150.
We always say to wait for the breakout, however I am playing this market with a relatively high risk tolerance and my sell at 169 was triggered overnight from my long at 153 so I've re-entered a position at 167 and will wait to see if the breakout at 171 occurs. If it does not I've set my stop loss at approx. 165 based on the price action I see in the formation of the left shoulder and head.
As you all know this analysis is not a recommendation to buy/sell, only a look at my current strategy for this market.
As we sit retesting the major resistance/support level at 171 with all the hopeful bulls calling for a breakout, I'm noticing a potential H+S pattern forming along this resistance as the neckline. With this being said I expect we will see another retest of the 171 within the next hour or two as the 20 EMA catches up with the price action and acts as support. A successful breakout will activate my short term target of 192. A failed breakout and I will look towards the formation of a right shoulder with a short term low of approx. 150.
We always say to wait for the breakout, however I am playing this market with a relatively high risk tolerance and my sell at 169 was triggered overnight from my long at 153 so I've re-entered a position at 167 and will wait to see if the breakout at 171 occurs. If it does not I've set my stop loss at approx. 165 based on the price action I see in the formation of the left shoulder and head.
As you all know this analysis is not a recommendation to buy/sell, only a look at my current strategy for this market.