USDCAD Potential bearish head and shoulders
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!
تم فتح الصفقة:
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.
أغلقت الصفقة: تم الوصول لوقف الخسارة:
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.
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.