Daily Bias Bearish
Fundamental Analysis
JPY is strengthening, CAD is weakening (expecting CAD reduce interest rate)
Price Action:
Price broke below H4 SR level and retrace back into the H4 SR level. Going down to M5 timeframe, Price formed a small H&S pattern, price just broke through the neckline of M5 H&S pattern. This supports my analysis of further bearish movement
Confluence:
Higher TF (W/D/H4) - Broke through SR level
Lower TF (H1/M30/M15) - In M5, H&S was formed and broken below the neckline. A bearish momentum candle is formed in M15.
Set up:
Short trade entry at H&S Neckline M5 SR level. SL above the Swing high of H&S. TP targeting the H4 swing low.
Fundamental Analysis
JPY is strengthening, CAD is weakening (expecting CAD reduce interest rate)
Price Action:
Price broke below H4 SR level and retrace back into the H4 SR level. Going down to M5 timeframe, Price formed a small H&S pattern, price just broke through the neckline of M5 H&S pattern. This supports my analysis of further bearish movement
Confluence:
Higher TF (W/D/H4) - Broke through SR level
Lower TF (H1/M30/M15) - In M5, H&S was formed and broken below the neckline. A bearish momentum candle is formed in M15.
Set up:
Short trade entry at H&S Neckline M5 SR level. SL above the Swing high of H&S. TP targeting the H4 swing low.
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.
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.