im looking at the aud/cad…and all timeframes show that its due to go down…is this a good example of when to open a short position? thanks
yes, plus indicators and trendlines will help give you conclusive evidence as to what position to take
p.s. check your econmic calender as sometimes all indicators,time frames and whatever else you use can lead you the wrong direction as a news break may go against all logical explanation
You might want to consider the free Babypips school, which will give you a good understanding of the Forex market and when to buy/sell, etc.
Terry
Do you have a system for chart analysis? If not then as Terry says you need to do some background reading. I dont trade this pair but from the H1 chart there is no way I would want to be short and would have been looking to get long on pullbacks since the double bottom. Prior to that there was a retracement of the higher timeframe which could have been traded short given the overhead resistance hit 6 times and then the break of the ranging area but that was well prior to your post I think
