Head & Shoulder Reversal + Double Top - USDCAD August 19th 2019
Hello traders,
We have several reversal signs on the USDCAD to go short. The USDCAD has printed a double top at the resistance 1.33391 with a Head&Shoulders pattern on the second test.
We then broke below the support 1.32858 and now we are looking for a shorting opportunity.
On the lower timeframes, we see a consolidation pattern below the broken support 1.32858. Placing a Stop-Order below that consolidation is an entry option.
SL is set above 1.32858 with a target at the next support level at 1.32144.
I wish you all a great trading week!
We have several reversal signs on the USDCAD to go short. The USDCAD has printed a double top at the resistance 1.33391 with a Head&Shoulders pattern on the second test.
We then broke below the support 1.32858 and now we are looking for a shorting opportunity.
On the lower timeframes, we see a consolidation pattern below the broken support 1.32858. Placing a Stop-Order below that consolidation is an entry option.
SL is set above 1.32858 with a target at the next support level at 1.32144.
I wish you all a great trading week!