USDCAD Potential bearish head and shoulders
Updated
On the 1H chart I have noticed a potential bearish head and shoulders pattern.
Option 1 (Riskier): Short at predicted peak of right shoulder (using appropriate SL)
Option 2 (Conservative): Short after the break of the neckline around 1.313 (using appropriate SL)
Target around 1.306 representing decent RR ratio.
Good Luck!
Option 1 (Riskier): Short at predicted peak of right shoulder (using appropriate SL)
Option 2 (Conservative): Short after the break of the neckline around 1.313 (using appropriate SL)
Target around 1.306 representing decent RR ratio.
Good Luck!
Trade active
Opened short position at 1.319 (predicted peak of right shoulder). Placed SL 30 pips away. Target is 1.306 for RR above 3:1.Trade closed: stop reached
Was stopped out on this one. I did go for the better RR by predicting the peak of the right shoulder. Better strategy would have been the conservative option 2. Lesson learnt. Interestingly EURCAD had a very similar set-up but looks more like a typical H&S which could still be in play with neckline broken.
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