Olu
Short

UsdCad: Short first then position for a strong upmove

FX:USDCAD   U.S. Dollar/Canadian Dollar
46 12 0
Comments on the chart
giankee
2 years ago
Pretty well defined H&S. Hard to imagine this pattern failing at this point. If pattern plays out then it should take the pair down to the 1.0770-1.08 level.
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Olu giankee
2 years ago
I agree G. However never say never eh? The US$ appears to be pausing in its strength and I am hoping this will allow the usdcad fall
+1 Reply
giankee Olu
2 years ago
To be honest with you I haven't got involved just because pattern seems so obvious that it makes me hesitate! :-))) I did get involved yesterday on the long side (played the right shoulder), nice trade 77 pips. This potential shorts is still making me scratch my head :-)))
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Olu giankee
2 years ago
I have a small position short. And I understand your trepidation because of how obvious the trade/pattern is. You just dont know which trade will travel in your favour. By the way I am bullish the usdcad to 1.1700area loooong term but there will be loads of tradable contra trades along the way which will help set up for joining the true trend
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Olu Olu
2 years ago
Woke up to find my small position gone as usdcad did not break the neckline as you suspected it wouldnt. I will lurk below the neck line for a trade if the right shoulder is not taken out
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giankee Olu
2 years ago
I thought I'd give it a go after all with a small position. Went short @ 1.0960. Will see how it plays out. H&S are supposed to be one of the most reliable patterns.
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TradersClassroom giankee
2 years ago
It has to break the neckline to make it a valid trade.
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giankee TradersClassroom
2 years ago
What level do you reckon? Looks already broken to me.
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TradersClassroom giankee
2 years ago
it broke today. I was talking about the little bounce right after the right should. As long as the candle closes below the neckline you're good to go. Hope you make many pips! Good Luck!
+1 Reply
giankee TradersClassroom
2 years ago
Thanks! ;-)
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TradersClassroom
2 years ago
That's a very clean chart. Very nicely done. Good Luck!
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Olu TradersClassroom
2 years ago
Thanks FxTC
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