FX:USDCAD   U.S. Dollar / Canadian Dollar
228 5 6
USDCAD             H&S SETUP

Neck line: 1.32000 (and support)
Bearish divergence on Stoch 533 and RSI 14.

SL and TP are ploted on chart.
ill be short usdcad at 1.33523, first target 1.27004, second target 1.23766
This can not be qualified as an H&S as it is not formed at the very peak of the trend.

I would suggest following excellent references:

1-Technical Analysis of Stock Trends-Robert D.Edwards/John Magee (considered the bible of TA)
2-Technical Analysis of the Futures Markets-John J.Murphy
3-Techniques of a Professional Chart Analyst-Arthur Sklarew

Hi, thanks for checking my trading ideia.

The Technical Analysis is very subective, and somebody can create their own theory.
For example, I have my onw theory about stochastic patterns, and I have success most of the time using it, but no one published it as an valid Technical Analysis.
H&S pattern can be interpreted different from people to people, and some variants can be created using it, but following the same structure.
Trend is subjective too, if you look the same pattern on M15 it can be qualified to be H&S, as we exited from a down trend today morning and ate the end of H&S we was ate the end of an up trend, using the theory that an up trend is formed by higher highs and higher lows and a down trend is formed by lower highs and lower lows.... It was a small trend, but it was...
The market is random and the results are random, then a lot of theories and variants can be created using this random data.

Thanks for suggestion.

may down till 1.3200
tempraturbo FarshadKhosravi
If break the neck line (1.32000) then the H&S setup will be completed.
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