Possible bullish head and shoulder pattern on this low timeframe, higher timeframes bullish signals. BH&S pattern average violation of neckline is around 70% distance of pattern, if breakout- up after 70% anticipate no pullback to test breakout line. Lower timeframes like 15m and 5 min will be used to gauge bullish/bearish momentum around neckline. Always consider all possible moves the price can make. Head to right shoulder creates triangle pattern, alternative setup is to trade a bearish breakout-down from triangle pattern.
Kommentar:
After breakout-up there was no pullback to test neckline as anticipated and the price reached the first trade management level.
Kommentar:
Price continued higher reaching second trade management area, a previous support, now resistance (change in polarity principle).