INJECTIVE Head and Shoulders
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Just a quick trade set up that could be a good LONG to take. Price looks to have printed an inverse Head and Shoulders which looks like a bullish reversal.
Along with the Bullish inverse Head and Shoulders INJ broke the bearish diagonal trendline with a strong retest as new support and consistent higher lows being posted.
Using a price forecast that is a mirrored copy of the move down I think that if BTC behaves we should see something similar with incremental take profit points on the way up.
Clear invalidation is a clean break below the head of the Head and Shoulders pattern.
Along with the Bullish inverse Head and Shoulders INJ broke the bearish diagonal trendline with a strong retest as new support and consistent higher lows being posted.
Using a price forecast that is a mirrored copy of the move down I think that if BTC behaves we should see something similar with incremental take profit points on the way up.
Clear invalidation is a clean break below the head of the Head and Shoulders pattern.
Commentaire
TP1 hit, good reaction from the breakout. Alts still subject to BTC's fluctuations.Still in the trade for now
Trade fermée: ordre d’arrêt atteint
TP1 proved to be strong resistance and couldn't be flipped resulting in a continuation of drawdown. I hope INJ can find its feet soon, without a strong BTC this looks unlikely for nowTrade fermée: cible de profit atteinte
The SL may have been too aggressive but the overall trade idea turned out correct. TP3 hit once price reclaimed the SL level.
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