A fresh Head&Shoulders pattern just completed on the USDNOK weekly chart. Even if the pattern is not the cleanest ever seen, it's interesting to note how hard bulls and bears fought in the two previous weeks (look at that perfect shooting star) and how bulls clearly won the final round by far.
Nevertheless, let's be careful and always remember to apply properly...
While we wait for that huge head&shoulder to complete and go short, the right shoulder is giving us another nice signal with the formation of a kangaroo tail. Both the promise of the major pattern completion and the tail gives me enough confidence to open a trade at my standard risk %. This time I'm using channels to calibrate stop loss and take profit. SELL STOP...
Today I'm placing a buy stop order on EURCAD. A resistance breakout completed this descending triangle that started in March and had a fairly regular shape until now. The long formation time and the pattern regularity give me enough confidence to proceed with my standard risk %. On top of that, the height of the triangle gives a big opportunity regarding the...
Head and shoulder on AUDUSD developed in 2 months and a half after 6 months of bearish trend, which makes the pattern sufficiently reliable. On Friday the neckline resistance was broken, which gives us a buy signal. Buy stop @ 0.7337, stop loss @ 0.7250 and take profit @ 0.7590.
