GBPCAD: Head and Shoulders Pattern
Updated
Hey gang! Found a good Head and Shoulders Pattern right here on the GBPCAD!
Head Resistance: 1.93000
Neckline Support: 1.90000
Profit target: 1.87000
Its a 300 pips profit!
This is my strategy for trading Head and Shoulder Patterns. Take it with a pinch of salt! If you have any recommendations on how I can improve, please do comment here! :)
When to enter:
AFTER it breaks through neckline, it should retest the 1.90000 Resistance level again.
My entry:
66% of my position will be in 1st Position
34% of my position will in 2nd Position
My exit:
SL at 1.90600 (60 pips)
1st TP: 50% of the pattern (150 pips) at 1.88500
2nd TP 90% of the pattern (270 pips) at 1.87300
What I learned from H&S so far:
If the right shoulder is shorter than the left shoulder, the pattern is stronger
If the right shoulder extends further than the left shoulder does, the pattern is stronger
H&S Patterns have a 75% - 80% chance of succeeding (assuming it breaks through neckline)
Good luck guys! May the pips be with you!
Head Resistance: 1.93000
Neckline Support: 1.90000
Profit target: 1.87000
Its a 300 pips profit!
This is my strategy for trading Head and Shoulder Patterns. Take it with a pinch of salt! If you have any recommendations on how I can improve, please do comment here! :)
When to enter:
AFTER it breaks through neckline, it should retest the 1.90000 Resistance level again.
My entry:
66% of my position will be in 1st Position
34% of my position will in 2nd Position
My exit:
SL at 1.90600 (60 pips)
1st TP: 50% of the pattern (150 pips) at 1.88500
2nd TP 90% of the pattern (270 pips) at 1.87300
What I learned from H&S so far:
If the right shoulder is shorter than the left shoulder, the pattern is stronger
If the right shoulder extends further than the left shoulder does, the pattern is stronger
H&S Patterns have a 75% - 80% chance of succeeding (assuming it breaks through neckline)
Good luck guys! May the pips be with you!
Trade active
Hey guys! The pattern has just broken through necklineTrade closed manually
1st Target reached! Netted a good 122 pips!
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