Price has retested the previous resistance level turned support after breaking above it on the weekly time frame.
You can look for possible buy entries on the 1 hr timeframe and trail your stop loss using the lows of the 20 period moving average.
Proposed trading plan for this CADJPY trade using the 1HR timeframe for my entry
Entry point: 81.940
Stop...
Let us take a quick look at the monthly Timeframe for this analysis.
You will observe the trendline drawn across the price highs showing a downward slope. Price has always dropped anytime it gets to this trendline and never for once has it been broken. A bearish candle formed off this trendline last month and this month price closed below last months...
This is a good time to buy CADJPY. The market went up 70 pips from last weeks close to form a bullish engulfing candle.
Price bounced off a previous swing-low from the 75.038 from the monthly time-frame.
You will observe multiple price rejections from this level if you take a look at the chart from the weekly time frame.
The bullish candle on the weekly is a...
Before we dive into this analysis, kindly note that the black candles on my chart are bullish engulfing candles while the yellow candles are bearish engulfing candles.
EURUSD formed a very strong bullish engulfing candle off support at 1.07904. This is a very good buy signal.
Let me know what you think about this idea.
Take note that black candles on my chart are bullish engulfing candles while the yellow candles are bearish engulfing candles. Let us take a look at the weekly chart for this currency pair.
On observing this chart, you will see that 0.91560 is a very important area of value. It has acted as support since July 2013 before being broken around July 2019. It now...
Before i start, kindly note that the black candles on my chart are bullish engulfing candles while the yellow candles are bearish engulfing candles. Having said that, let us take a look at the monthly timeframe.
We have a very strong support level at 1.15168 which has held since August 2011. Price has also never closed below this support. You can see the way...
Mind you, this analysis is going to be long as we will be analyzing the trades with multiple time-frames starting from the monthly time-frame and working our way down to the 1 hr time-frame.
Let's start. Shall we?
MONTHLY TIME-FRAME
You can see that price has never gone below the support level at 0.65027. In-fact there are already signs of price...
I will be analyzing this currency pair with the monthly, weekly, daily & 4 HR charts working our way down from the monthly to the 4 HR time-frame.
Let us start.
MONTHLY TIME-FRAME
You can observe the trend line sloping downwards. You can also observe the bearish engulfing pattern formed off the trend line which acts as a resistance level. Now that we have...
If you have been following my analysis you will observe that i love working from the higher time-frames down to the lower time-frames. I get a bias on the higher time-frames then look for ideal entry on the lower time-frame. So let us start.
MONTHLY TIME-FRAME
Take a look at price movement for the last 5 months. You can clearly see that price has not...
CHFJPY has been quite bullish for the last 4 months. Last week we saw it break resistance at 111.811 with a bullish engulfing candle on the weekly chart. This gives us a bias to look for buy opportunities on lower time frames.
WEEKLY CHART WITH BULLISH ENGULFING CANDLE IN BLACK
You can also see that we have been getting higher highs and higher lows on the...
