There is an ascending channel and appears to be a breakout and retest of the trend line and looks likely that price will continue to the downside.
I will be aiming to take a position short on this.
- Wait for a 4hr candle close below the resistance zone .
- Wait for a pullback and a retest of this zone.
- Wait for a rejection on the 1 hour or 30 min chart....
CADJPY Broke the mini Channel retested it created a new low and its about to break support to continue the downwards movement wait the break of support before placing sell orders
This is a simple break and retest trade.
- We have a 4hr candle close above the resistance zone .
- Wait for a pullback and a retest of this zone.
- Wait for a rejection on the 1 hour or 30 min chart.
- Wait for price confirmation either an engulfing bar or pinbar .
- Buy
Let me know your thoughts on this one!
Thanks
Last week saw a decline in USDJPY. After seeing this decline, i expect price to rally for the short term which would give sellers ample time to get in the market to continue the decline.
You will now see compression into demand where demand zones will keep on creating until price meets a strong supply zone up top. That's where our TP will be, because near that...
Price has been ranging between 1.7400 and 1.77200 however price has broken the top o the 1.77200 range which shows supply at this level could be weaker.
There is a fresh Daily Supply at 1.78800 level which is where I will be watching to see if price reaches this zone to short down to fresh Demand at 1.72500
Price has been pushing higher this past week.
On the 4hr we have had a solid DBR which leads me to believe we could see some pull before price pushes higher.
This does look like it could set up for a RBD back into the the 145.700 level which is where I will place an order to get long.
Target areas to watch would de a daily Supply level at 152.00 and the we...
coming to major level here very strong, cad is completely dead this morning lol
probably a break and will be watching for the retest, beware cuz its friday and quadruple witching day (google) so it may be a fakeout and give large large wick
i will be waiting for last kiss or that big fat fakeout
read higher tf PA :))
upward channel, 1:1 RR
rejection 3x on 15m nice doji on 30m
last kiss of support and the overall uptrend
in and out 13 pips 15 minutes
no draw down on this trade when entered on the last 15m rejection bar
happy trading
Two scenarios first is explained on the chat,
the second short scenario would be a clear break of that consolidation zone and trend line
bias this week is bearish because of the weekly doji and weakening euro since the start of 2019
risk reward ratio is nice, 14ema is below 50ema on 1h tf confluence with the short bias
why i expect it to go up first is because...
Nice double top here, NY choppy wick time, then shows sweet doji on 15m tf signaling the drop after the retest of neckline/last kiss on the double top
while the overall trend is bearish
pretty awesome RR for scalper to next zone, small pips to W or L but consistency is what matters most
another great confluence is the 15ema 200ema cross we see right as the entry...
little bit harder to see here, this is good example of using line chart to make market structure more clear
turn line chart on and clear double top happens, trade entered after hanging man signal during NY/London close push
great reaction in recent past from this supply zone, strong pushes away and comes back to fill more orders at end of week
overall trend is...
Trend is down since beginning of week
Beautiful market structure, drop base drop, over and over
clear break bears in control after high tf strong bear close outside zone ready for another push with NY/London cross volume
