Nice and easy trade this. After a recent drop this pair pulled back and engulf with a bearish candle which suggest the downtrend continues. I have gone short on this and marked tp1 and sl for you as well. If it breaks the next support level which it should I believe, there are plenty of downside pips on the grab. Look out for the break after hitting tp1.
Possible short position for CADJPY. Price is moving below 200 and 50 EMA indicating a short bias. Price has also hit trend line resistance for the third time validating the trade and also has broken a local support zone meaning it could go down and push towards the next support. Small stop loss of 30 pips with around 130 pips for take profit. FX:CADJPY
CADJPY | W1 | BEARISH
SELL @ 84.750
The price is currently approaching our Fibonacci Retracement 61.80%
This acts as our resistance.
This is an early signal so please do not enter yet.
If price reaches this level please enter for a sell.
The take profit level is @ 82.200 (255 PIPS).
Please note this is not financial advise.
Market is currently in an upwards trend channel, however this channel
has now been broken and retested at the channel, resistance and
Fibonacci level of 0.382
Since price has already broke and retested I am now looking for an entry
since I hesitated the initial retest during last weeks session.
Another idea is to wait for price to...
CADJPY | D1 | BEARISH
A simple example of market structure,
This is a lesson we've all studied in nursery.
What happens when price reaches the support / resistance?
I know what you're thinking...
It can either reverse or breakout.
At the same time we have to use our intelligence, intellect and intuition; our instincts and common sense — in...
not so much on my charts these days (at least for my eyes), but i've been able to find this nice setup on the hourly chart. It's a bearish bat formation that's going to complete in a strong structure level (both daily and 4H) and i'm going to get in as soon as the price will touch the D completion point because of the higher trend and because it's a nice...
on CADJPY we're facing a good level of structure on the daily timeframe: in that zone we can see we've an RSI divergence pointing in the short direction, together with a small 1hr double top and a 4hr engulfing candle. Short with stops above the highs and targets as shown.
If you have any question/idea, feel free to comment below.
Otherwise, see you in...
this pair didn't take breaks, it's skyrocketed from 81 to 89 in less than a month. It implies of obviously a great disparity between sellers and buyers, but i think this could be at the end point. Looking left, this level of resistance is the last major one: it's also a weekly level and price always respected it in the recent past. This makes me think we...