EUR/CAD Nice weekly head and sholders patern
I am seeing a nice head and shoulders pattern on weekly chart... Its my first time trading on longer time frames so I will give it a go with very small size.
although patern looks very strong it is idealy 1.5:1 unless all weekly resistance/support levels get ignored on a way down.. Resistance on 1.53900 got retested on a 4h chart and now again it is showing a nice bearish trend.. so my opinion is that now is time for a "longer" sell/short.. Personaly I put a stop loss at 1,55550 and profit at roughly RR 1:1. I will see if I will have a nerve to stick to my profit target if a trade ends up being correct..
This is also my first post... so if you like it give it a tumbs up and if you don't tell me your reasons in the comments.
although patern looks very strong it is idealy 1.5:1 unless all weekly resistance/support levels get ignored on a way down.. Resistance on 1.53900 got retested on a 4h chart and now again it is showing a nice bearish trend.. so my opinion is that now is time for a "longer" sell/short.. Personaly I put a stop loss at 1,55550 and profit at roughly RR 1:1. I will see if I will have a nerve to stick to my profit target if a trade ends up being correct..
This is also my first post... so if you like it give it a tumbs up and if you don't tell me your reasons in the comments.