USDCAD - Complex Head & Shoulders Pattern

FX:USDCAD   U.S. Dollar / Canadian Dollar
FX:USDCAD showing a Complex Head & Shoulders pattern with 2 heads and 2 shoulders.

  • Two heads appear as pivot points , so resistance there is strong.

  • On friday price was just above the neckline and today sunday it opened just below so we enter the trade in a sell position

  • 4 x EMA & MA shows clear downtrend

  • Measure from top of the pattern to the neckline and project that for TP2 (just above mayor zone)

  • TP1 above minor zone. SL above last Lower Low that match a Pivot Point

Trade closed: stop reached: SL hit. Should have set it above right shoulder. Will enter another trade at a better price.