After moving from consecutive higher highs and higher lowers, we have a lower low and a lower high. The lower high flipped just about the 61.8% fib level, and then we see the formation of a Head and Shoulder pattern, While waiting for price to break and retest the neckline, we also expect it to gross below the 52 period SMA for us to enter into the short.
Commentaire:
Another great Idea from our May Swing trades, which met our Objectives. Remember first rule of trading is always trade in the direction of the trade and we use our 52days moving average to determine our trend direction.