One of our community members showed me his USDCAD chart last night, suggesting that price was wedging up, meaning there might be a whole host of trading opportunities for us. I have to agree, this certainly looks like a wedge, doesn’t it?
My problem is that every time I draw in the wedge, I draw the trendlines in an entirely different place. Do you also find yourself doing this?
Furthermore, I think that trendlines often cause us to see what we want to see in the market, and not what’s really there, and this is a problem. In this video I breakdown what I see on USDCAD and talk about why I prefer horizontal support and resistance over trendlines any day: