BhaktaBasics
Short

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.
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