XMR is known to retrace pretty hard after a run, hence the deep target.
With Poloniex margin trading, this is a reasonably safe bet in my opinion.
What is a 'Head And Shoulders Pattern'? In technical analysis, a head and shoulders pattern describes a specific chart formation that predicts a bullish-to-bearish trend reversal. The head and shoulders pattern is believed to be one of the most reliable trend reversal patterns. It is one of several top patterns that signal, with varying degrees of accuracy, that an upward trend is nearing its end.
Head And Shoulders Pattern BREAKING DOWN 'Head And Shoulders Pattern' This pattern is comprised of three component parts:
1. After a long bullish trends, the price rises to a peak and subsequently declines to form a trough.
2. The price rises again to form a second high substantially above the initial peak and declines again.
3. The price rises a third time, but only to the level of the first peak, before declining once more.
@TahirKhan2a, thanks for the intelligent comment. I know it must be tough seeing XMR charts that don't mention 'moon' or 'when lambo', but keep hanging in there mate. You'll get one eventually!
@cubantobacco, HOW ARE YOU SON ? GOT REKT ? LEARN TO READ CHARTS
cubantobacco
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@TahirKhan2a, we're all here to learn from each other and make some money together too. In the end, you were correct and I have learnt that I was not looking at the greater trend when picking this trade. However, going around calling people idiots does not help anyone. I invite your criticism on my other ideas and I hope you will provide something constructive next time. Good luck on your trades.
TahirKhan2a
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@cubantobacco, I am extremely sorry because what most people who hate other coins just post such charts and i assumed you as one aswell.