Chart had a huge swing to the downside slicing through the 200EMA changin trend direction.
Looks like it's in a downtrend channel.
Might retest at the 200EMA as it's a strong area of resistance.
Entry
Enter on the retest of the 200EMA in a reversal candle (Doji, Engulfing Candle) with a stop loss around the 131.5 area
Exit
Exit on the range around 129.910...
Analysis
- We're in an uptrend channel
- Close to the 200EMA and above it
- Currently at support of the channel
- Previous pullbacks have about the same amount of bars and the current pullback has around the same amount
Entry
- Enter on the break and close above the trendline support line
Exit
- Exit at the top of channel yielding a R:R a ±1:2
Here on CADJPY I have a trend suggesting it's bearish.
Downtrend
- That can be seen on the Weekly and Daily and on the 4HR charts.
-The SMI (Stochastic Momentum Index) sees a down move.
-Market broke out of the range and force down.
Opportunity to continue with my friend, TREND.
Harmonics
- Stochastic is oversold
- A Gartley pattern is formed and a great...
