From a previous H&S Pattern, which resulted former support to be broken and now we looking for a retest of that zone before considering going short. Target zone at the next major support area. Potential 150pips ready to be caught.
USDCAD has seen a major reversal from its previous bearish run, to where the bulls entered the market at a weekly Support level in a up trending channel. There is a possibility for a huge retracement to retest the Neckline of the Inverted Head and Shoulders pattern before seeing significant upward movement in price. After the retest along with many other...
I have interpreted what the different timeframes are telling me and I can surely say the way I translated it with the use of the arrows, is how price will play out before dropping like a rain drop. Follow the arrows to make some serious profit.
Its me Rayan, the 18 year old trader from South Africa, signing out.
Sell EURJPY, this is a good risk-reward trade. I definitely entered a bit too much lots on this trade, but my motto is RISK MORE MONEY TO MAKE MORE, RISK RISK RISK AND THEN TAKE IT ALL.
Simple H&S setup, currently the Right Shoulder is forming and showing nice rejection off the minor resistance, (same resistance level of the Left Shoulder). After price hits the neckline we are in for some money all the way down to TP and even as far as TP2 if momentum remains strong and bearish.
The pair has gone up to retest former support and treating it now as resistance, which is obviously a reason to short the pair. But not only that, this pair has now touched the trendline resistance and the 0.618 zone on the FIB, another reason to short the pair. Overall market projection is Bearish, and lets get those sell orders in with a entry on a nice rejection candle.
With the Head and Shoulders pattern clearly making itself known, the signal to sell will be clear after price hits and respects the 1.19500 to 1.21000 zone as resistance, just like the left shoulder did. For now price and future of this pair is bullish and from there on out we will be looking to ride the price down.
The bears are definitely in control of this market. Price has made its way back up to former support and can be now identified as resistance. What makes this setup so attractive is the fact that there is a "Shooting Star". With this retest we can be sure to enter short positions and ride all the way down to the 1.68000 area.
Price will bounce off support (Neckline) to form the Right Shoulder round about 1323. Due to minor resistance, price will then see a drastic drop to the 1310 area.
