Possible drop for CADJPY. Price has remained under both 200 and 50 EMA indicating a short bias. Price has hit the resistance of the trend line channel as well as the horizontal resistance zone, both indicating a short bias. Small stop loss of about 40 pips and take profit of around 90 pips. FX:CADJPY
CADJPY had recently broken out of a descending channel and is currently re-testing this as well as the resistance level 80.67.
Last week we closed with strong bearish momentum which I feel will carry on to reach our target at 78.45.
I will be waiting for a daily close below 80.67 before entering short.
All tips/comments welcome, I will update this as the trade plays out.
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...