Open trading account
I have spot some chart patterns on Loonie (USDCAD) and Cable (GBPUSD). What I will do with them is, that I will trade them, placing stop orders at the extremes of spotted formations. My target is placed at the last swing high/low. Because today is the day with ECB rate statement, I hope that this wouldn't influence my trades, as it might get unexpected results.
First there is a head and shoulders pattern on Cable (hourly chart), which was drawn by the price after retracement from last month drop. I think this might add-up to the bearish outlook for Cable and a bigger downward retracement, if not a change in a trend.
On the other hand, the Loonie, after breaking out of a symmetrical triangle, had a pullback back to the support, where now triple bottom has emerged. I placed stop order above the extreme of this formation and will look for a move up to 1.125.
First there is a head and shoulders pattern on Cable (hourly chart), which was drawn by the price after retracement from last month drop. I think this might add-up to the bearish outlook for Cable and a bigger downward retracement, if not a change in a trend.
On the other hand, the Loonie, after breaking out of a symmetrical triangle, had a pullback back to the support, where now triple bottom has emerged. I placed stop order above the extreme of this formation and will look for a move up to 1.125.
