This is a analys of CADJPY, and I am currenlty looking for a short postion.
If it breaks the daily support line and closes under it, then we know the support lines turns into resistance line.
After line getting resistance line. We can expect the candels to go and test, the next support line. Iam expecting it to break the support line and after it to go down side becus of the head and shoulder patter. What i mean is that we have higher chanse to break the support and let the head and shoulldeer play out on 4 h time frame. We have a dubbel top on daily to, so there are no reson to take a long on this postion right now. As i said. Wait for the cofirmation.
IF and only IF we get a confirmation on a short postion, we can look for a trade then.
- Dubbel top on daily chart
- Head and shoulder pattern on 4h
Other wise, if it fails to break the support line, it can go side ways.
If it breaks the daily support line and closes under it, then we know the support lines turns into resistance line.
After line getting resistance line. We can expect the candels to go and test, the next support line. Iam expecting it to break the support line and after it to go down side becus of the head and shoulder patter. What i mean is that we have higher chanse to break the support and let the head and shoulldeer play out on 4 h time frame. We have a dubbel top on daily to, so there are no reson to take a long on this postion right now. As i said. Wait for the cofirmation.
IF and only IF we get a confirmation on a short postion, we can look for a trade then.
- Dubbel top on daily chart
- Head and shoulder pattern on 4h
Other wise, if it fails to break the support line, it can go side ways.