Simple trading - Head and shoulders
Us30 has broken the neck-line of the Head and shoulder pattern on the 4hr. US30 is bullish on the higher time frames so always be ready for a pullback to the upside. Looking at the daily chart to see if the price will retest previous support and turn resistance.
Due to the lack of bullish momentum on the smaller timeframes, I would NOT advise taking a buy trade to previous support as the market is making lower highs and lower lows. This clearly indicates that the bears are in control. At any moment the price could drop and you do not want to be caught in that.
Be patient and wait for the price to play out. Look to take a sell positions
in the short term at respectable levels
Us30 has broken the neck-line of the Head and shoulder pattern on the 4hr. US30 is bullish on the higher time frames so always be ready for a pullback to the upside. Looking at the daily chart to see if the price will retest previous support and turn resistance.
Due to the lack of bullish momentum on the smaller timeframes, I would NOT advise taking a buy trade to previous support as the market is making lower highs and lower lows. This clearly indicates that the bears are in control. At any moment the price could drop and you do not want to be caught in that.
Be patient and wait for the price to play out. Look to take a sell positions
in the short term at respectable levels