CADJPY H4 - As mentioned, very similar to the S/R on EJ, here is CJ. Currently trading above that 80.00 whole number and above the active S/R zone, if we can hold above and see our typical H1/H4 price action reversals we could see some long opportunity.
USDWTI H4 - Those that watched the weekly watchlist will be familiar with this setup, we mentioned we would like to see a double bottom from support. Potentially what we may be seeing here, but we haven't test the actual support zone, just shy of, where the candle bodies previously closed last week. Still 1:3, let see how this active H4 closes.
The video shows a contracting wedge into a zone of congestion. This is sometimes a reversal pattern.
I make no predictions. I explain carefully about losses and risk management of this situation.
Disclaimer: This is not financial advice or an encouragement to trade in securities. No liabilities accepted. Your losses are your own. This means you sue yourself...
The wedge formation shown is not pure. It is complex. The tighter sharper wedge could see price falling out and to the south. The other enclosing wedge could see price rising north. In situations like these one has to decide:
1. Long with an ATR appropriate stoploss.
2. Short with an ATR appropriate stoploss.
3. Stay out completely.
In addition to the wedge...
