Lot of stuff is going on on this pair. Lets see now: the price was going up in a channel, broke through the weekly level and then went back down to it giving us a long signal. As we see the signal was false and the price didn't manage to break through the level. So we might see now a false break taking place. At this time we should wait for a daily short signal to form but I decided to go down to 4 hour time frame to see if I could find any signs of shorts there. What I found was the pin bar which is part of a bigger inside bar formation with a false break setup, so I decided to enter the trade.
Also we have some news on CAD today so I consider the trade quite risky but it could pay off.
And yes, it looks like a head and shoulders pattern is forming ;)
Also we have some news on CAD today so I consider the trade quite risky but it could pay off.
And yes, it looks like a head and shoulders pattern is forming ;)