A Head and Shoulders pattern targets below 1.26

6 Mar 2016

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

21 Mar 2016

Not

Trade is playing out faster than expected, opportunity to go short on pullback now
Target is mentioned

13 Nis 2016

Not

Target is near - Looking to buy around 1.26

20 Nis 2016

Not

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

28 Nis 2016

Not

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