My view of CADJPY. Potential short opportunity.
This will be plain and simple. From Sep. 28th to Sep. 30th we respected the MRA (Major Resistance Area). Although the price tried to break out of the Consolidation area, the sellers prevailed. SO! Looking at the fact we are in a Consolidation area, I expect the price to go down to our MSA (Major Support Area). Entry is at 87.821 with a Stop Loss above the MRA and Consolidation area at 88.794. Take profit is at MSA (85.075). Break of mSA (minor Support Area) would confirm lower levels and continuing the move down to our Take Profit. I also made an example showing 2 possible outcomes if we break to the upside or downside.
PARAMETERS
- Entry: 87.821
- SL: 88.794
- TP: 85.075
KEY NOTES
- Sep. 28th to Sep. 30th we respected the MRA (Major Resistance Area).
- If we break the Consolidation area at our SL, it would confirm higher levels.
- Break of mSA (minor Support Area) would confirm lower levels and continuing the move down to our Take Profit.
Happy trading!
This will be plain and simple. From Sep. 28th to Sep. 30th we respected the MRA (Major Resistance Area). Although the price tried to break out of the Consolidation area, the sellers prevailed. SO! Looking at the fact we are in a Consolidation area, I expect the price to go down to our MSA (Major Support Area). Entry is at 87.821 with a Stop Loss above the MRA and Consolidation area at 88.794. Take profit is at MSA (85.075). Break of mSA (minor Support Area) would confirm lower levels and continuing the move down to our Take Profit. I also made an example showing 2 possible outcomes if we break to the upside or downside.
PARAMETERS
- Entry: 87.821
- SL: 88.794
- TP: 85.075
KEY NOTES
- Sep. 28th to Sep. 30th we respected the MRA (Major Resistance Area).
- If we break the Consolidation area at our SL, it would confirm higher levels.
- Break of mSA (minor Support Area) would confirm lower levels and continuing the move down to our Take Profit.
Happy trading!
Trade active