USDCAD possible head and shoulders
As shown in the chart, there is a possible head and shoulders formation ready to break its neckline. Once it shows a clean break it will most likely confirm under the orange trend line and continue down. This is despite the news about the trade agreement that came out this morning to create the right shoulder. Very good risk reward on this one. Stop above the right shoulder take profit one at green box for 1/3-1/2 of position and keep the rest with a trailing stop for possible trend reversal .
Note
Note
Zoomed in shorter term analysis. The more fake breaks the more likely the drop is to happen. Very common in forex(and crypto) to see many false breaks before the true move is revealed. Big failed breaks with equal dumps is a huge sign of distribution. I believe we are quickly approaching the pivot point. Safe trading and don't forget to show some love if you appreciate this analysis and would like similar ones in the future.Note
Stop loss and target one
Trade active
Broke neckline, move stops to entry for a free trade. 1/3 of the way to first target. If you want to add more(or you didn't take the initial trade) I would grab some at 1.321 area. Safe trading.Trade active
Stops moved to entry two if taken. Over half way to first target. Might be hit today at this rate.Note
Hit 2 pips away from target. I would take some profit now and keep the rest with a trailing stop incase it runs.Trade closed: target reached
Im going to call this trade closed and make a new analysis for the next move/runner for this pair. hope everyone made some nice profit on this one.
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