Possible head and shoulder pattern

[v8power]

Never been very good at seeing chart patterns. But this stood out to me as a head and shoulder play and dual confirmation to sell of the h1 chart formed a double top. Any advice would be appreciated. Thanks.

[Jalarupa]

Some advice for trading EN...?

Or in general regarding H&S patterns?

Well regarding the EN it loves Big Figure Psyche levels... It reached its high (on your H&S pattern) at 1.57 and then turned around...and who woulda thought it but the rally to 1.57 was started from 1.555 (which it wicked twice as well...)

In terms of H&S patterns I think if you apply MO's cone and pennant formations at these extreme levels, you not only get the confirmation that you are looking for a whole lot faster, but you also get your entries a lot faster than selling say the breakout...



the red arrows show how to draw the cone and pennant angles and then later it shows where you 'can' place them in order to help you trade off of an extreme...

The IF/THEN line say that IF price closes over this line on a higher time frame chart.... THEN I am wrong...

[Jalarupa]

I used similar logic in today's trade off of the EU (hoping to recapitalize on the Higher Time Frame MOMO)

[Jalarupa]

The same thing, but different...

[Jalarupa]

Last one... sorry I get really excited when I draw these things...

MO has given me the sight that can create pips outa thin air...

[v8power]

Hey Jalarupa,

Thanks for your responses. Yea I had noticed you posting about pennants and cones in the 5 year late NLA thread and had noticed them mentioned in the orginal. Just got a good understanding of zlines and mzones down, so your responses are perfectly timed. Feel free to post more examples or tips if you want. Besides from the NLA thread any others in your opinon have good info or really worth the read. Thanks ahead of time.

[Jalarupa]

Hi,

For Dragon's stuff read LukX's thread as well as some of Doji's thread

For MO's stuff (which is pretty much all you need) you need to focus on MO's MBT Micro (for info on DOP / Cones and pennants) as well as the later parts of Doji's thread

Space Wars is probably the most beneficial thread on money management and it ties in with the thread called the Blind Rat (which is MO's long term position trading thread which has now been adopted into his current strategy found in the thread called ideas I trade by

If you read those you will have a firm grasp on seeing PA through the eyes of a master... focus on MO's and dragon's posts, as there is a lot in those threads that can side track you.

Good luck and happy exploring

[v8power]

Thanks for the reply. Yeah just started The ideas that I trade by thread, might have to take a look at lux's thread also.