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the interpretation and application of price action concepts

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HEAD & SHOULDERS PRICE PATTERN


[back to Head and Shoulder]

This chart has an interesting story.

The top of the skinny head is me. I mean I was trading on Sunday and I was short and I moved my stop (why?) to where you see price spiked. It spiked there as soon as I put my stop there. Why there?  I was playing with the software  LOL. Well It got me for sure.

The rest of the story. The following evening, last night. Market opens and I am looking at the spike I made thinking price would never have gone there perhaps except for me. (inside trading?)

I see 2 things a skinny funny head and shoulder and/or if I forget the spike a double top and I have a projection method for both and if I forget the spike there is a 3rd touch to the trendline.

Result I go short and hang on for the ride down.  That's creating a trade for sure. Every lose has its reason. That spike resulted in my favor after all.

 

click chart to enlarge
 

 

 

 

 

 

expect miracles, they are everywhere.............. God is good all the time

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