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
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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
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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.