post mortem analysis of Shorting USDCAD

I use the 15 min charts so that traders can see clearly for themselves.

1.The first breakdown was a sign that more downfall has to happen. WHY ,you asked ? Now, it consolidates from 6 Dec 2200 hours to 09 Dec 2200 hours ,3 full days before it breaks down to 2.

Now, look at the candle of 9 Dec 2345 candle and look left. Is there any support ? NOT AT ALL!!!!
That means, it has to fall all the way to 1.3179 minimum.

2. Again, like 1 above, it takes another 2 days to consolidate before the fall starts on 11 Dec 2230 hours. But once this candle breaks down from the support, it is fast and furious.

So, sometimes, the market would award traders such good Risk reward trade and it is up to us to seize the opportunity.

Hope those who like using trend lines to do charting would find this explanation useful.

We are taking profits now. WHY? If you look at the day chart and you would see on 6 Nov there is strong support at the current price and the rebound is strong. So again, taking historical trend patterns as a guide, you can either take full or partial profits and let the remaining run.

Congrats to those who shorted it.