USD/CAD Head & Shoulders not yet
Swing Idea for the week :
We had a very slow movement in the market last week due to the fear from oil, announcments and the global pandemic,
but now we can clearly see that the CAD got out of the consolidation area and is probably in a downtrend (not confirmed yet)
we can cleary see the head & shoulders popular pattern that has been made and if you check the retracement it will show you that the down movement pulled back allready 50% (fibo strat)
Im entering this trade but a better idea will be waiting for the right shoulder to be made (touch the neckline) so you can enter the trade with a tighter stop loss (above neckline instead of above shoulder)
We had a very slow movement in the market last week due to the fear from oil, announcments and the global pandemic,
but now we can clearly see that the CAD got out of the consolidation area and is probably in a downtrend (not confirmed yet)
we can cleary see the head & shoulders popular pattern that has been made and if you check the retracement it will show you that the down movement pulled back allready 50% (fibo strat)
Im entering this trade but a better idea will be waiting for the right shoulder to be made (touch the neckline) so you can enter the trade with a tighter stop loss (above neckline instead of above shoulder)
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