We are expecting JPY strength after a strong bear run for JPY last week.
We can see on the 4H the clear ABCDE correction here, expecting to top out at one of two strong resistance levels (marked on chart).
With this combination, we can expect to have a high probability of a short on this pair!
We may well see either:
a.) Slightly higher test of resistance in the final phase of correction - will need to monitor
b.) Earlier than expected drop - a safe entry would be when we see price fall through the base of the correction channel marked on the chart.
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I prefer quality over quantity, and provide one strong idea a week.
This is also the way I trade - but I keep those best ideas to myself for now.
Good luck!
DrBearForex
We can see on the 4H the clear ABCDE correction here, expecting to top out at one of two strong resistance levels (marked on chart).
With this combination, we can expect to have a high probability of a short on this pair!
We may well see either:
a.) Slightly higher test of resistance in the final phase of correction - will need to monitor
b.) Earlier than expected drop - a safe entry would be when we see price fall through the base of the correction channel marked on the chart.
Like what you see? Please show some love and hit the like button. Do you have any comments? It would be great to hear from you!
I prefer quality over quantity, and provide one strong idea a week.
This is also the way I trade - but I keep those best ideas to myself for now.
Good luck!
DrBearForex
Trade active:
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Remember to watch out for CAD news at 1500 on Thursday 8th August.
Advise Tight SL, and prepare some sell stops in case of a sudden drop.
Good luck!