Eur / Cad - H&S Shoulders Continuation - SHORT

I'm already active in this trade and have been for some time. We're a point of major support, where I thought we may have completed this beautiful downside move, then I saw the Head and Shoulders pattern at the bottom, which in this form, is a continuation pattern, if, and it's a big if, we break the baseline, then we'll continue further down, to the next level of support, @1.49535.

I wouldn't risk a short trade at the baseline unless we see a definte breakdown..... sell low, not a good idea, but if you're already in the trade and wish to allow some profits to run, maybe a supporrting idea for you.

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Now you should look for your entry to go short, with your stop above the structure.

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We are now retesting the resistance under the baseline, maybe an opportunity to short again, more progress needed for me to reenter at the bottom.

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notice the declining volume on this spike, potential place to add to your positions, but wait for a signal from the price action, or add a tight stop.

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We've broken through the neckline. will it hold on pullback?

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Failing to hold, I added to my short position @1.51 (it's high risk), but I saw the rejection.

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Price rejected @1.51 and the second move higher rejected under the moving average, with declining volume on 15m, matching 1h, 4h and the daily, I'm expecting this pair to carry on lower and the big test will be @1.50350 if we move down towards the target.

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The lack of any true volume only confirmed our level of patience on this trade, we've already broken down through the point of control @1.50500 and we'll sit patiently to see if it holds and then breaks @1.50250 the previous structure, then onto our target.

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Double bottom? Nope, it's going to break the support and carry on down to our target. Ever the optimist, and a lack of volume, and it needs serious volume to get past the old point of control @1.50349 only time will tell.

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Ok, we've got a pullback in process, we'll be looking for the price to not exceed 50-61.8% fib, the orange area, this will bring in more sellers (and buyers) and hopefully we move back down to @1.5025

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It's taken a long time to reach the pullback zone, look at the first rejection at 61.8% a good sign? Only time will tell.

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I disappear for a few hours and the whole world changes, we retested the neckline and so far rejected it, I've added another short with a tight stop.

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We had a significant pullback on Eur / Cad, we've hit the edge of the long-term daily downside channel and the 61.8% fib zone, as you can see, profit taking was heavy, lets see what happens on this pair, if we continue back-up and break the channel, I will close my positions, but we also have EU PMIs in an hour

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I'm back in profit and I've closed the trades lower down.... pays to be patient in trading and not have an over-leveraged position.

Đóng lệnh: đạt mục tiêu

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Today will be one of those days when trades are trying to find their levels, break levels and support new trends, you can see this in the aggressive moves happening very quickly.

It's incredibly important you stay patient for an entry, don't enter to just be in the market and if you've got a trade on a long-term, swing trade, be prepared to see larger sideways movements and therefore don't sit and watch them, don't enter with anything less than a 15m timeframe and preferable a 1h.

Very bullish on the Euro v Cad, wait for a pullback into 1.51