BhaktaBasics
Short

USDCAD Potential bearish head and shoulders

FX:USDCAD   U.S. Dollar/Canadian Dollar
52 0 1
2 months ago
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!
2 months ago
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.
2 months ago
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.
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out