FX:USDCAD   U.S. Dollar / Canadian Dollar
Looking to short at the circled area.

Chart is self explanatory.

Any questions, please put in the comment section.
Hi Casey,
What are your additional reasons to go short and what would your entry signal be?
I do see the strong downtrend and the broken trendline however, when I look at it from a weekly perspective I see an engulfing weekly candle right at fib618 and a bounce right off a monthly level.
That's why I would be looking for longs.

I am just trying to understand and hopefully to learn because I like your style very much.
Reply
Hi RF - I don't have any other reasons. It is all based on my trading timeframe - daily. Need to see evidence of price failing to continue upward, some form of stalling around the resistance. May even re-test low of 4 Feb candle. Entry signal will be basic reversal candlestick pattern e.g. pinbar, or go to LTF (flag/pennant pattern).
Trade your own timeframe. Different timeframe may give you different directional bias. Anyway, this is just my humble view. Always be reminded that I'm wrong more often than I'm right. Cheers.
Reply
RF1508 PRO Casey_Yeo
Hi Casey,
Thanx for your answer. You nailed it...the one thing that I find really difficult is to stick with the same timeframe. You just make sure that your winners gain more pips than your losers and you'll be fine. Thx again!
Reply
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