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Not that I wanna get into this with you again because we went round and circles last time on this exact subject….. But a head and shoulders bottom is a MAJOR TREND REVERSAL pattern that occurs in DOWN trends.
There is no downtrend here. This is a pullback in an uptrend.
It is just a big high-2 bull flag. The 20 minute chart will show the H2 clearer. The hourly shows a H1 Bull flag.
It’s sort of shaped like a head and shoulders but the context is wrong for this to be a H&S bottom. It’s just a bull flag that’s been made a bit big and crazy because of an economic event.
Hey Kevvy,
Our discussion was really valuable to me; it helped me understand the subject better. Check out this slide from Al Brooks’ Encyclopedia. What do you think?
Huh! I stand corrected. If Al says head and shoulders bottom bull flags are a thing then it’s a thing!
I’m pretty sure this is not covered in the course content.
Thu Oct 10, 2024
Fri Oct 11, 2024
Why do you label b7 as MTR? The trend is up and this is continuation, not a reversal.
Hi Daniel,
There are several perspectives on this. One way to view it is that the attempt by the higher low to push prices lower failed, which resulted in a price Reversal and establishing a Major Trend.
But what happens when higher low leads to 2LT or wedge top?
With that said, I could see a perspective of an attempted L2 at the open swing setup (somewhat common) that failed. In any case it was a bad sell signal, but confusing (to me) to call it MTR.
But doesn't matter, as long as you understand the action, just wanted to see your perspective. Thanks!
