In the 15-minute chart, we can see that there are two gaps which are not closed. We name them Gap A and Gap B. Currently, we can see that price has formed an inverse head and shoulder pattern. If a breakout occur, we believe that price will retrace to fill the two gaps before it can drop to a new low.
Trading Roadmap:
First, we wait for a clear breakout from the neckline area. After a clear breakout, we will wait to capture the retracement at the neckline area. From there, we will enter our buy positions targeting the GAP (B) and GAP (A).
Once the GAP (A) is filled, we think the level of $4300 would be a good sell zone because we can see many rejections have happened from that level.
Price failling below the $3960 level before a breakout would invalidate this setup.
Trading Roadmap:
First, we wait for a clear breakout from the neckline area. After a clear breakout, we will wait to capture the retracement at the neckline area. From there, we will enter our buy positions targeting the GAP (B) and GAP (A).
Once the GAP (A) is filled, we think the level of $4300 would be a good sell zone because we can see many rejections have happened from that level.
Price failling below the $3960 level before a breakout would invalidate this setup.
Ordem cancelada:
Price fell below the support before a breakout from the neckline. This intraday trading setup is no longer valid.
