A Head and Shoulders pattern targets below 1.26

I believe to have found a H&S pattern on the daily chart in UsdCad
I am selling below the neckline - SL at 1.36, target of the H&S is around 1.2550

UsdCad put in new lows on Friday, after the data releases (and bad number on earnings)
Also Crude Oil is on the way up again - next target 38-40
The combination of these two will probably bring Usd down more the coming week(s)

I am hoping to sell a bounce back towards the neckline around 1.34 - 1.35
because these pattern do not work a lot of the time
If it does work and neckline holds, then I will be looking at a 8-1 RR ratio

This a long term trade and could take a number of months to play out

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Trade is playing out faster than expected, opportunity to go short on pullback now
Target is mentioned

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Target is near - Looking to buy around 1.26

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nice huh, predicted a month ago - just a simple H&S becomes a H$$$$$S haha :-)
I am out with a 650 pip profit, time to celebrate now - taking my wife out to dinner

BTW. I will be looking to go long a first touch of 1.2550 for a bounce back to 1.26+
Then I will be looking for a buy setup just above or below 1.2550

Gl. all

Bình luận:

Target of head and shoulders reached- have been buying just above 1.25 for a bounce
TP = 1.2750, SL=1.2498