1. Continuation of uptrend on 4hour timeframe
2. Retest of recent resistance level which has now turned into a support level
3. Bullish pinbar formation at support level
4. Daily timeframe confirms trend continuation as recent resistance is at 84.397 which is yet to be reached
After a tremendous bearish run price action is at a major level with a bullish engulfing candle. I'm expecting a decent pullback before deciding further movements. I have gone long on this and marked tp and sl for you as well.
Remember, this is a short term buy.
Let me know your thoughts. Trade safe and good luck.
As shown, the current price action of this pair is testing a pivot point that has been prevalent throughout May and June. This coincides with the 38.2% Fibonacci extension level, derived from the swing high on the 22nd May. Due to this combination, if the support around the 81.00 holds, expect a short term reversal to around the 81.9 mark. Stop loss below 50% Fib....
Good buy opportunity on this pair.
I have marked the entry, stop loss and take profit.
Capital risked: 1%
Risk to Reward - 1:2
Be alert and pay attention to the simplicity and similarities in the setups. Your mind is a sucker for habit so you can turn your technical analysis into one.
Happy trading all! :)
I have been waiting for this setup for a while now and it is about to complete. It has respected and ticked every single box which suggest that I can go long once the final stage is completed. I have marked the entry point sl and tp for this trade.
Please note, If it doesn't reach to the entry level then this trade is not valid.
I would love to...
After a 250 pips move to the downside over the past couple days, a correctional move to the upside is to be expected.
Currently showing rejection off the 82.000 psychological level.
However there is some resistance at 82.300, at the 0.382% daily fibonacci retracement level.
CADJPY trading in a uptrend on the 4hr timeframe, suggesting further bullish movement for the short-term.
Trading above the EMA 31 & 50 on the daily timeframe.
Ideal entry would be at 83.585 technical support level.
If the 84.000 psychological level is broken this could suggest further bullish movement towards the 84.500 resistance level.