CAD/JPY 1/25/2021 17:05 REPOST
Fundamental/Sentimental
Cot: Hedge funds follow price action somewhat loosely, some time preceding and at other times lagging. Both sides seem to bear the same effect on price.
Currently, funds have taken an extremely overall long position which is relatively massive. Likely, all they could use was used for whatever reason, and further, the longs were all absorbed into the market with no effect. It’s expected for shorts to start settling into the market, it’s been over 3 weeks and longs still haven’t budged price.
The overall consensus would be that there’s an underlying selling bias.
News and Events: Foreign stock investments coming up on the 27th are likely to move price in a certain direction DRAMATICALLY. Will have to keep in mind that MM are likely getting prepared. Fakeouts expected as well. A few other events that may stir up the market may follow in the next coming days afterwards.
Technical
Time Frame Analysis: Monthly: Market was channeling down, until buyers entered the market. Now on an impulse which may still have potential. Weekly: Optimistic for buyers as we are 3 candles into a smaller correction which is dying out right at the touch of a lower trend but squished between a structural level in between a 61.8 and a 78.6. Daily: Clear period of consolidation, indication that sellers are getting a hold, buyers are trying to push and have tested resistance 3 times, but have not been pulled potentially too far by buyers. 4H: Major wick to the downside, price is below a neckline, but sellers are exhausted and correction is indicating so. 1H: Price is consolidating actually, price may have a second shot at a quick long and potentially a reversal.
Indicators: RSI too neutral to say.
Entry
Order: Market Buy
Position: 0.02, 5000USD
RR: 4.3
Fundamental/Sentimental
Cot: Hedge funds follow price action somewhat loosely, some time preceding and at other times lagging. Both sides seem to bear the same effect on price.
Currently, funds have taken an extremely overall long position which is relatively massive. Likely, all they could use was used for whatever reason, and further, the longs were all absorbed into the market with no effect. It’s expected for shorts to start settling into the market, it’s been over 3 weeks and longs still haven’t budged price.
The overall consensus would be that there’s an underlying selling bias.
News and Events: Foreign stock investments coming up on the 27th are likely to move price in a certain direction DRAMATICALLY. Will have to keep in mind that MM are likely getting prepared. Fakeouts expected as well. A few other events that may stir up the market may follow in the next coming days afterwards.
Technical
Time Frame Analysis: Monthly: Market was channeling down, until buyers entered the market. Now on an impulse which may still have potential. Weekly: Optimistic for buyers as we are 3 candles into a smaller correction which is dying out right at the touch of a lower trend but squished between a structural level in between a 61.8 and a 78.6. Daily: Clear period of consolidation, indication that sellers are getting a hold, buyers are trying to push and have tested resistance 3 times, but have not been pulled potentially too far by buyers. 4H: Major wick to the downside, price is below a neckline, but sellers are exhausted and correction is indicating so. 1H: Price is consolidating actually, price may have a second shot at a quick long and potentially a reversal.
Indicators: RSI too neutral to say.
Entry
Order: Market Buy
Position: 0.02, 5000USD
RR: 4.3