CADJPY S/R Flip|Oversold Bounce|.618 Fibonacci|Volume Influx
Evening Traders,
Today’s Analysis- CADJPY – price impulse through key structure, an S/R flip retest will validate it as support.
Points to consider,
- Trend oversold bounce (RSI)
- .618 Fibonacci (Resistance)
- Structural support (S/R Flip)
- Stochastics sell cross
- Volume influx
CADJPY trend impulse was due to oversold conditions indicated by the RSI. A swing lower failure will indicate continuation.
The bearish .618 Fibonacci has been respected, price is likely to retrace for an S/R Flip retest. This will solidify structural support holding true.
The stochastics has a valid sell cross which is indicative of momentum shifting in the market. A volume influx is also present, these influxes usually mark temporary tops.
Overall, in my opinion, CADJPY is likely to retrace and hold structural support. This will validate a long trade with defined risk. Discretion is to be used upon management.
What are your thoughts?
Thank you for following my work!
And remember,
“If you can’t take a small loss, sooner or later you will take the mother of all losses.” – Ed Seykota
Today’s Analysis- CADJPY – price impulse through key structure, an S/R flip retest will validate it as support.
Points to consider,
- Trend oversold bounce (RSI)
- .618 Fibonacci (Resistance)
- Structural support (S/R Flip)
- Stochastics sell cross
- Volume influx
CADJPY trend impulse was due to oversold conditions indicated by the RSI. A swing lower failure will indicate continuation.
The bearish .618 Fibonacci has been respected, price is likely to retrace for an S/R Flip retest. This will solidify structural support holding true.
The stochastics has a valid sell cross which is indicative of momentum shifting in the market. A volume influx is also present, these influxes usually mark temporary tops.
Overall, in my opinion, CADJPY is likely to retrace and hold structural support. This will validate a long trade with defined risk. Discretion is to be used upon management.
What are your thoughts?
Thank you for following my work!
And remember,
“If you can’t take a small loss, sooner or later you will take the mother of all losses.” – Ed Seykota
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