USDCAD - Complex Head & Shoulders Pattern Short

U.S. Dollar/Canadian DollarFXCM

Description

⋅ Mar 29, 2020 9:19 PM

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

⋅ Mar 30, 2020 3:17 PM

SL hit. Should have set it above right shoulder. Will enter another trade at a better price.