I believe to have found a H&S pattern on the daily chart in UsdCad
I am selling below the neckline - SL at 1.36, target of the H&S is around 1.2550
UsdCad put in new lows on Friday, after the data releases (and bad number on earnings)
Also Crude Oil is on the way up again - next target 38-40
The combination of these two will probably bring Usd down more the coming week(s)
I am hoping to sell a bounce back towards the neckline around 1.34 - 1.35
because these pattern do not work a lot of the time
If it does work and neckline holds, then I will be looking at a 8-1 RR ratio
This a long term trade and could take a number of months to play out
I am selling below the neckline - SL at 1.36, target of the H&S is around 1.2550
UsdCad put in new lows on Friday, after the data releases (and bad number on earnings)
Also Crude Oil is on the way up again - next target 38-40
The combination of these two will probably bring Usd down more the coming week(s)
I am hoping to sell a bounce back towards the neckline around 1.34 - 1.35
because these pattern do not work a lot of the time
If it does work and neckline holds, then I will be looking at a 8-1 RR ratio
This a long term trade and could take a number of months to play out
Note
Trade is playing out faster than expected, opportunity to go short on pullback nowTarget is mentioned
Note
Target is near - Looking to buy around 1.26Note
nice huh, predicted a month ago - just a simple H&S becomes a H$$$$
S haha :-)I am out with a 650 pip profit, time to celebrate now - taking my wife out to dinner
BTW. I will be looking to go long a first touch of 1.2550 for a bounce back to 1.26+
Then I will be looking for a buy setup just above or below 1.2550
Gl. all
Note
Target of head and shoulders reached- have been buying just above 1.25 for a bounceTP = 1.2750, SL=1.2498
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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.