justatrader
Short

AUDCAD - Short Trade Opportunity

FX:AUDCAD   Australian Dollar/Canadian Dollar
192 2 0
After forming a H&S continuation pattern, price seems to be going back to retest the neckline. Make use of your own preferred oscillator for trade entry. Any possible upside moves are likely to be capped by the 200 WMA . Stops to be somewhere near the left or right shoulder high.

Alternatively, wait for price to get into the area between 0.95894 - 0.96744 region for entry based on your indicators.
The odss of getting winning trades are higher when you use longer time frames on your chart analysis, weekly and montly. Where you see a head and shoulder pattern in the daily I see a pull back in the weekly and monthly charts to higher prices to about 1.02 or higher. Yes, the trend is down, but markets move in waves and the right side of your head and shoulder is a correction of the previous one.Then again, there is more than one way to skin a cat. You could be right on your analysis.
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Yep, that's why stop levels are there in case an analysis or a trade set up gets invalidated. As you said, there are many ways to skin a cat. For me validation comes from the RSI. If there is a reversal in/around 55 or even 60, that would be an indication of price heading lower. Anyways, price has the final say in these matters :)

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