We are showing a nicely formed head and shoulders bottom reversal pattern on the AUDCAD 4HR chart.
For this pattern we find the height from the head to neckline and multiply by our chances of reaching the target.
Entry: Once we break and close above the yellow resistance area
TP: 0.01369 * 0.71 (71% chance) = 0.00971 from neckline or approximately ~0.9475
SL: Bottom of the right shoulder of the pattern or ~0.93247
R/R: ~1.4-1.6 Depending on entry point.
Pattern info: thepatternsite.com/hsb.html
For this pattern we find the height from the head to neckline and multiply by our chances of reaching the target.
Entry: Once we break and close above the yellow resistance area
TP: 0.01369 * 0.71 (71% chance) = 0.00971 from neckline or approximately ~0.9475
SL: Bottom of the right shoulder of the pattern or ~0.93247
R/R: ~1.4-1.6 Depending on entry point.
Pattern info: thepatternsite.com/hsb.html
Trade active:
entry: ~0.93867
Trade closed: stop reached