CAD/USD is in a down trend, be ready for the short when it hits the resistance point.
Komentar
wardjm
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Your other chart is FXCM. There is an FXCM for CAD/USD, but it is expressed USD/CAD. That will also have volume. The down trend looks good, but the upper line is a bit loose. If the upper line is hit, it would actually be higher than the recent high, possibly implying a start of an uptrend. I would either use the actual top of 9/7 and split the wick in half of 10/17 to make an upper trendline, or use the most recent two highs: 10/17 and 11/9. Right now you've kind of drawn a line using one point rather than 2. I would split the wick because usually we use the opens and closes as "better indicators" than the true high and low of the day. Those prices did happen though, so I tend to draw in the wick somewhere.
Also on this one, the pullback price action is not convincing. If you are waiting for the top to be hit to short, it's fine. You won't be buying too early. You may just be waiting for a week or two to short. On the other chart you are trying to enter the trade immediately. You don't know yet though. Price action is not strong enough. Be aware of the draw downs this could cause waiting for a real pullback. With real money it could be tough to do psychologically.
Also on this one, the pullback price action is not convincing. If you are waiting for the top to be hit to short, it's fine. You won't be buying too early. You may just be waiting for a week or two to short. On the other chart you are trying to enter the trade immediately. You don't know yet though. Price action is not strong enough. Be aware of the draw downs this could cause waiting for a real pullback. With real money it could be tough to do psychologically.