eirik.kaasa
Short

Buy-orders stacking up, expecting bigger pullback

FX_IDC:CADCHF   CANADIAN DOLLAR / SWISS FRANC
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6
I'm trying out position-trading. I am used to SD-trading, so position-trading/trend-following is new to me. I use long term trend, last years high/low, and reading price action to analyse the market. Here, I see a well established downtrend with alternating profit-taking and buy-ups before new selling. Buy-orders are currently building up. Still short bias, but potential longs on the way up to new selling at/near previous resistance. If not comfortable buying the pullback, wait to break 2015-support.

Comments

You certainly do not want to be entering buy orders looking for a trend reversal.
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I would say that the overall trend is bearish.This is very much in consolidation and not a good looking chart at all. It is also trading between the annual levels of 2015. Until price dictates a clear trend direction you want to be standing aside.
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eirik.kaasa zaheeranwaritrader
@zaheeranwaritrader, Thanks for the comment. I will read more in the e-book and watch more of your videos. Cheers!
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@eirik.kaasa, You are welcome. And yes the eBook will clear a lot up.
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