USDCAD-head and shoulders pattern

FX:USDCAD   U.S. Dollar / Canadian Dollar
1247 7 20
I see here a potential head and shoulders pattern forming.
This is a high probatility pattern and easy to trade.
I prefer to trade it at the beginning of the right shoulder (right now).
The ideal projected target is near 1.25000
Best regards.

Always do your own analysis and plan before opening a trade.
Any respectful and constructive ideas are welcome (agree or disagree).
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Monthly View

Daily View has it falling very soon
hi FTT, thanks for the chart. I follow you all the time and find your charts really helpful. I wanted to ask you something but not directly related to this particular idea. Some times I see you draw lines like a 'Z' touching the top and bottom of the trend lines. Can you tell me what is that? I am new here and going through learning process. Thanks
FullTimeTrader SaifurRahman
Hello, no idea, i do not draw such Z lines. May be you its a software's bug. Regards.
You have to be careful with Head and shoulder pattern. For the bears, it is a head and shoulder. For the bulls, it looks like a bull flag wedge,(Three pushes down) reversing upward. I would only short for scalping, at the top of the shoulder and get out near the neck line.
FullTimeTrader peterchung16
Hello, i do not trade patterns alone. Im based on my long term analysis that considers this pair already reached a top. The structure is first THEN i look for other setups (harmonics, technicals, HS patterns, etc). See my long term analysis.
Agree, but my first target would be at 1.27100
i prefer to short this pair at 1.33850
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