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