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Maveric12
Sep 6, 2022 4:11 PM

A Trade against the trend? Short

USD/CADOANDA

Description

Typically i dont advocate trading against the trend. However in this case we might have a reason to. Price seems to have hit some resistance from 2020, and rejected going higher july 14. we are at a decision point. the stochastic is showing a bit of a squeeze that suggests price may fall, resistance in price forming a double top. looking back on 2016 and 2018 we see similar long term patterns that suggest price over time will fall. Its not a trade I will take but could be interesting to watch.
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