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
That's a very clean chart. Very nicely done. Good Luck!
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Olu TradersClassroom
Thanks FxTC
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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
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
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
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
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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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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It has to break the neckline to make it a valid trade.
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giankee TradersClassroom
What level do you reckon? Looks already broken to me.
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