I have spotted another bullish flag pattern on the cad/jpy market as well. Please make sure to check this timeframe and check on the 1hr timeframe as well for entries because I found out that I'd already missed the entry from when this was posted.
Last week we seen a strong selloff (due to strength of JPY not weakness of CAD) but towards the end of the week we found support from below. Looking at the chart you can see we are trading within a rising channel with the middle trend-line aligning with the daily 200EMA. I believe we will find support here and give us a, what I call, a "double-bounce"; meaning...
CAD seems to be very strong against JPY, We can see a strong Daily bullish trend and in 4hr we can see the price is creating new Higher Highs. Next week we are going to see more bullish race for this pair. Let´s wait a good entry in 4hr/1hr chart to catch more pips.
Also we can see a possible Harmonic Pattern formation in the following weeks/months.
Good Luck traders!!
Recent resistance has been broken and it's looking like the current Bullish engulfing is rejecting the past resistance as current support. As always, 2 to 1 reward to risk to target the recent swing high .
The power of the CAD continues everywhere and finding a good pullback to trade is the key. The CADJPY has the best sequence at higher degree having made a new high and appearing to trace out a textbook 5 wave advance (yes thats the one i say never happens).
Commodities seem to remain supported and the commodity pairs have a great chance of continuing higher. ...
this is an advanced pattern formation that's about to complete on the 4hr chart. The D point of this Bat lies right into a key level of daily support and this gives us more confidence about this trade. Stops below X, targets as usual in harmonics.
If you want to share your view, or ask questions, feel free to comment below.
Otherwise, see you in the next chart!
this is a simple pattern formation that's about to complete around 81.60 level. This zone has multiple structures in there so i'm very interested in taking this pattern. Rsi is in oversold condition by the way.
Let's see how it plays out.
Stops below X, targets at 382 and 618 retracements of AD leg.
If you want to share your view or simply ask...
i want to bring your attention to this situation on CADJPY. Here we are on the 4hr chart but i usually start my top down analysis from the daily. On the daily i've outlined with the black line the structure level where price is sitting right now. This is the first thing i look for to create a case for entry.
Also, in the dialy timeframe price has recently...
i want to share one of my today's favorite setups, which is on CADJPY. The chart explains everything but basically i've found several clues that all point in the same direction, namely long.
It's important you know i don't even start building a case for entry without structure; here we have higher timeframe structure and trading timeframe structure at...
Price has run into a major low and demand zone, the RSI is trending higher showing some divergence, if price breaks trend expect a retracement to the major trend line and 61.8% fibs also, keep stops below major low for a 2:1 trade.