dRends35

USDCAD - H&S Short Setup

Short
OANDA:USDCAD   U.S. Dollar / Canadian Dollar
H&S forming here on daily current candle is a gravestone doji .

4H RSI plenty of bearish divergence.

It has already threatened to break the neckline and wicked back up.

I would like it to break the RS horizontal with impulse to avoid getting caught up in an extended ascending correction.

If it does break down I will look for a re-test of the support line to enter with SL above RS .

Target will be quick haircut down to 1.27 area not too greedy as there is plenty of oscialltion.

Not advice.

Comment: Well it did drift correctively before falling through the trendline and there is a bit too large price band to enter here.

I've put in a short order at 0.5 retracement as I think that should be quite deep relative to the trend breaking down. If it doesnt get filled I will wait for breakdown below the horizonal.

Comment: Entering here on the sharp 30 min engulfing SL at the top $1.29166

Comment: A little more confidence as it is the start of the week . I think this is going to plummet.
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