USDCAD - Complex Head & Shoulders Pattern
Updated
USDCAD showing a Complex Head & Shoulders pattern with 2 heads and 2 shoulders.- Two heads appear as pivot points, so resistance there is strong.
- On friday price was just above the neckline and today sunday it opened just below so we enter the trade in a sell position
- 4 x EMA & MA shows clear downtrend
- Measure from top of the pattern to the neckline and project that for TP2 (just above mayor zone)
- TP1 above minor zone. SL above last Lower Low that match a Pivot Point
Trade closed: stop reached
SL hit. Should have set it above right shoulder. Will enter another trade at a better price.
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