Opportunity: CADJPY Massive sells
This pair is on my radar and it looks to be in an ABC corrective wave and looking for a wave C lower. I will be watching the lower timeframe for reversal patterns to suggest that wave B has completed and now price is ready to start with wave C. I also see a big retest of a weekly and daily supply zone.
The trade idea is:
- Watch the lower timeframe for reversal patterns in the "reversal area" indicated in grey, or a break of the WFB(watch for break) red trendline drawn.
- Enter the trade with stops above the previously mentioned reversal pattern/trendline break.
- The targets are @ 107.00 (300 pips) and @ 104.3 (550 pips)
For the meanwhile, I have set a sell stop @ 109.200 with an open SL and TP for now.
I will only update this pair at the end of the year. So..
Goodluck!
The trade idea is:
- Watch the lower timeframe for reversal patterns in the "reversal area" indicated in grey, or a break of the WFB(watch for break) red trendline drawn.
- Enter the trade with stops above the previously mentioned reversal pattern/trendline break.
- The targets are @ 107.00 (300 pips) and @ 104.3 (550 pips)
For the meanwhile, I have set a sell stop @ 109.200 with an open SL and TP for now.
I will only update this pair at the end of the year. So..
Goodluck!
Comment:
Still possible, lets watch.
Trade active:
Tp1 has been hit, more entries coming.