FX_IDC:CADJPY . Double Bottom @monthly&weekly support; . The Neck @ weekly resistance; *Double bottom is only valid if the price break the neck; . Bullish impulse: - IF this is the 3th wave, it "should" terminate around the 161% extension, close to the neck, and then a small pull back expected that can't cross the top of wave 1 forging wave 4, and... wave...
Reasons to go short - Overall trend is bearish First time coming into an area where there was a previous strong sell off. A morning star reversal pattern on the daily chart Positive risk to reward
Price is above 84.65 so all of this could be wishful thinking and the target remains 87.00/87.50 however; Sell 85.00 for TP1 - 83.00 (3:1 reward risk) TP2 - 77.50 target (12:1 reward risk) In reversal phase in 3x longs above 85.40 for moves into 87.00
Possibility of a bearish bat pattern completion on this pair. Reasons to short - Completion of bearish bat pattern Coming into an area which previously saw a big sell off, and is now returning to this area for this first time (yellow box) Pair in a longer term bearish trend Positive risk to reward
FX:CADJPY SHARK: Point B: 61.8% XA Point C: 113% to 161% AB Point D: 161% to 224% BC 88.6% to 113% XC Target: 38.2% to 100% CD Safe Trades; open.spotify.com
CADJPY keeps making Lower Lows and Lower Highs = Bearish Trend I will be looking to sell in the my kill zone (Yellow Box) Stops - 1 ATR above the Previous High Target #1 - Retest of Previous Lows Target #2 - Retest of Feb 11 Lows (This is Extended Targets for me)
Likely to test hourly support again but weekly support in the way:
CADJPY in long term downtrend. I am looking to sell any pullbacks.
Price breaking key 80.00 level. Which was a strong support level a few years ago. Huge downwards trend. Target 75.005 where price may bounce at this secondary key level.
Most JPY crosses are currently in correction which may or may not extend a bit but I would be looking for a selling opportunity if it breaks out of the current corrective structure.
FX:CADJPY BAT: Point B: 38.2% to 50% XA Point C: 38.2% to 88.6% AB Point D: 88.6% XA Targets: TP1 38.2% AD TP2 61.8% AD Safe Trades;
Hey traders! We have a bearish trend in hourly chart and we see a potential bearish Gartley setup. Entry point is @ 87.235 and Stops and targets are given. Do not forget to look at my Santa. Thanks.
FX_IDC:CADJPY BAT: Point B: 38.2% to 50% XA Point C: 38.2% to 88.6% AB Point D: 88.6% XA Targets: TP1 38.2% AD TP2 61.8% AD Safe trades;