Hi Traders,
Cadjpy has got my attention for a potential short setup, Price has broken out of a medium-term Channel with a strong bearish engulfing candle, and We can see the price now retracing in a very corrective manner, I like this because it gives me signs that if we get the short setup we could see price impulse to the downside.
Key areas for me are 99.000, I would like to see price break below this level Before I can even start considering short positions, A violation of this setup would be if price were to continue pushing higher past 99.500, At that point, I would have to reconsider my bias on the pair.
Strong entry signs for me would be if price were to wick to the upside and print a strong bearish candle, at this point, I would start scaling to the lower time frames to see if there are entry confirmations with a decent risk to reward for me to enter.
We cannot control what the market does, We can only control ourselves.
Renaldo Philander
Cadjpy has got my attention for a potential short setup, Price has broken out of a medium-term Channel with a strong bearish engulfing candle, and We can see the price now retracing in a very corrective manner, I like this because it gives me signs that if we get the short setup we could see price impulse to the downside.
Key areas for me are 99.000, I would like to see price break below this level Before I can even start considering short positions, A violation of this setup would be if price were to continue pushing higher past 99.500, At that point, I would have to reconsider my bias on the pair.
Strong entry signs for me would be if price were to wick to the upside and print a strong bearish candle, at this point, I would start scaling to the lower time frames to see if there are entry confirmations with a decent risk to reward for me to enter.
We cannot control what the market does, We can only control ourselves.
Renaldo Philander
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.