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USDCAD Trade Setup: Head&Shoulders Pattern

USDCAD Trade Setup: Head&Shoulders Pattern

Description: As seen on the H4 Live Charts, an Inverse Head&Shoulders pattern is being printed. On the H1 chart, 1.33500 Fractal breakouts can be used as an additional long opportunity. Our target is the bearish Butterfly. We will short the Butterfly, details and alerts will be posted by the live charts.

Pattern /Reason: Inverse Head&Shoulders / Fractal Breakout

Time Frame: H1

Accuracy of the Pattern 89%

Setup No: USCA090201

Recommended Lot: 0.40

Trade Period: Intraday / Medium Term

Active/Pending: Pending

Trade: Long

Entry: 1.33150

Stop Loss:  1.33900

TP1: 1.33500 / Reached

TP2: 1.33800

TP 3: 1.33900

Divergence/ Convergence Confirmation: Not Yet – Will be updated.

Candle Pattern Confirmation: Bullish PinBar

Moving Average Confirmation: EMA50 SUPPORT

The trend of the Timeframe: Bullish

The trend in the Daily Chart: Bullish

Update: TP1 Reached.. You can add more as posted on the live charts.

Next Entry alert with targets will be sent to members.

Important Note: New patterns may appear and some emerging patterns may become invalidated. We publish our live charts D1 H4 H1 and M30  with updates and entry alerts.        – Members Only –

Link to USDCAD Live Charts: USDCAD Live Charts

 


Warning and Things to Pay Attention:

  1. Harmonic Patterns are reversal patterns and mostly against the main trend on the chart they appear.
  2. Target levels are determined by MM Calculation as the pattern has not been completed yet. They may vary 3-5 pips according to the completion level of the predicted patterns.
  3. Pay attention to Time Frame, Trade Period and Estimated Completion Time, Accuracy and Recommended Lot Size clauses mentioned below.
  4. Do not risk more than 2% in one trade setup.
  5. We usually book partial profit at the first target and move our stop loss to entry or break-even level. Use your own risk/profit management to exit the trade.
  6. We are publishing potential opportunities. There are no certainties and traders bets on possibilities. Read the setup carefully before entering a trade and take your own decision.

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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money

USDCAD Technical Analysis: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

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