IMH C&H Activated (New Trader Idea)
Hi All,
First time posting a chart of mine. I've been studying technical analysis for a short period of time so I'm very new at this but I'm open minded and if you have any critiques please comment below, I'm in this to learn and profit!
Invictus MD Strategies has been on my watch list for some time and just today it finished what appears to me a cup and handle pattern. Although I'm not super familiar with this pattern I'm expecting a retrace of price from $2.20 to around $1.80/90. Using the pattern I calculated an approx target of $3-3.50 (using a measurement from the top of the cup to the bottom and then extending it from the proposed correction). The handle retrace should be between the .786 and .618 levels. I believe the way to trade this properly would be to buy above the cup once the handle has finished seeking the breakout (above $2.20). I'm aiming to buy the dip but will watch this closely as trading has been closed by IIROC, I believe this will prompt the correction but if it does not I will wait for this wave to correct before entering.
Again first time poster, any advice is welcome. Thanks and best of luck.
PLEASE NOTE : This is an idea by a newbie investor, please do not take it as investment advise, but if you agree with the analysis and invest and make profit then I'm very very happy for you!
First time posting a chart of mine. I've been studying technical analysis for a short period of time so I'm very new at this but I'm open minded and if you have any critiques please comment below, I'm in this to learn and profit!
Invictus MD Strategies has been on my watch list for some time and just today it finished what appears to me a cup and handle pattern. Although I'm not super familiar with this pattern I'm expecting a retrace of price from $2.20 to around $1.80/90. Using the pattern I calculated an approx target of $3-3.50 (using a measurement from the top of the cup to the bottom and then extending it from the proposed correction). The handle retrace should be between the .786 and .618 levels. I believe the way to trade this properly would be to buy above the cup once the handle has finished seeking the breakout (above $2.20). I'm aiming to buy the dip but will watch this closely as trading has been closed by IIROC, I believe this will prompt the correction but if it does not I will wait for this wave to correct before entering.
Again first time poster, any advice is welcome. Thanks and best of luck.
PLEASE NOTE : This is an idea by a newbie investor, please do not take it as investment advise, but if you agree with the analysis and invest and make profit then I'm very very happy for you!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.