USDCAD Potential bearish head and shoulders

FX:USDCAD   U.S. Dollar / Canadian Dollar
80 0 2
On the 1H chart I have noticed a potential bearish head and shoulders pattern.
Option 1 (Riskier): Short at predicted peak of right shoulder (using appropriate SL)
Option 2 (Conservative): Short after the break of the neckline around 1.313 (using appropriate SL)
Target around 1.306 representing decent RR ratio.
Good Luck!
Trade active: Opened short position at 1.319 (predicted peak of right shoulder). Placed SL 30 pips away. Target is 1.306 for RR above 3:1.
Trade closed: stop reached: Was stopped out on this one. I did go for the better RR by predicting the peak of the right shoulder. Better strategy would have been the conservative option 2. Lesson learnt.
Interestingly EURCAD had a very similar set-up but looks more like a typical H&S which could still be in play with neckline broken.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out