Cadjpy daily channel break+retest
Updated
CADJPY has broken out of a daily descending channel and is retesting.
It is also came for a third bounce on a 4H ascending trend line.
Daily 50ema and 20ema have crossed giving further confluence of bullish pressure/trend change.
My trade:
BUY CADJPY @ 82.90
SL @ 82.70(20)
TP1 @ 83.90 (100) 5:1
TP2 @ 85.25 (235) 12:1 SWING
A low risk trade, lets see how it plays out.
I am being weary of a possible rejection of the weekly 50ema which has previously held as a dynamic resistance, however the daily emas crossing male me believe in price pushing higher.
It is also came for a third bounce on a 4H ascending trend line.
Daily 50ema and 20ema have crossed giving further confluence of bullish pressure/trend change.
My trade:
BUY CADJPY @ 82.90
SL @ 82.70(20)
TP1 @ 83.90 (100) 5:1
TP2 @ 85.25 (235) 12:1 SWING
A low risk trade, lets see how it plays out.
I am being weary of a possible rejection of the weekly 50ema which has previously held as a dynamic resistance, however the daily emas crossing male me believe in price pushing higher.
Note
Major news spiked down and took out SL. SL too tight mistake noted.
I have re-entered at 82.75.
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