USDCAD - Pinbar at upper channel resistance

FX:USDCAD   U.S. Dollar / Canadian Dollar
Great opportunity to short. this pair has been providing some lovely high probability setups recently and this one looks good too. Short to the bottom of the range.

It's going to break soon, but judging by yesterdays rejection, it looks like we could be OK to short again to the bottom of the channel.

It's a nice long tailed pin bar and it's quite possible we'll get a 50% retrace entry of the bar.
Trade closed: stop reached: Very disappointing trade. Price went straight higher and hit the stop quickly.

Price didn't move down at all. This highlights the importance of entering on the break of the pin bar. Had I entered on break of the pin bar, the trade would not have been triggered and would have made no loss.

At the time, I didn't realise that oil prices were going down again, which also causes CAD to lose strength.
This was still a good trade. Your reason for entering and strategy makes sense. I saw a lot traders post similar views when this pin bar formed so it made sense. Price obviously tested deeper into the resistance zone which means more short opportunities may be around the corner. Stick to your strategy.
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