CAD/JPY = The House of Sellers
Updated
This pair had been trying to rally past the daily resistance over the past few weeks but failed to do so. With confirmation from the tested resistance levels on Daily (Tested thrice), it is safe to assume that buyers are no longer in-charge to push this pair higher to to resume its bullish movement.
Nonetheless, the pair had been going down ever since the incident aforementioned. As of indicated, the pair is rallying up and down in a box (Zone) between 89.860 - 89.420. If the price manage to break the weak support at 89.420, rest assured that this pair is going to bleed further down to our First Targeted Take Profit Level 1.
Upon reaching the targeted take profit level 1. It's worth noted that the price action had to break the Level 1 zone before further pushing it to the level 2 zone as the Level 2 take profit zone is a near reflection of the Weekly Support level which gives us a huge idea on the pair's price action movement.
However, let's not forget that the weekly candlesticks showed a superbly strong reversal signs which supported the Daily Bearish movement since 91.220. Way too go sellers !
Thus, here is my short rules as mentioned below
Buy/Sell = Sell (Short)
Pips: Potential of 3000+ pips run (If there is no rallies in between the downstream).
Targeted TP Level: Level 1 (Safest). (Level 2 if Level 1 Breakout happened).
Lot Sizing: Your prefer risk-reward settings. My risk management is in between 1 - 3 %.
Confidence level: 1 - 10? (10 Max out).
Technical or Fundamentals: Pure Technical. Fundamental will help push it down moar !
Have fun trading and let's profit together :)
Nonetheless, the pair had been going down ever since the incident aforementioned. As of indicated, the pair is rallying up and down in a box (Zone) between 89.860 - 89.420. If the price manage to break the weak support at 89.420, rest assured that this pair is going to bleed further down to our First Targeted Take Profit Level 1.
Upon reaching the targeted take profit level 1. It's worth noted that the price action had to break the Level 1 zone before further pushing it to the level 2 zone as the Level 2 take profit zone is a near reflection of the Weekly Support level which gives us a huge idea on the pair's price action movement.
However, let's not forget that the weekly candlesticks showed a superbly strong reversal signs which supported the Daily Bearish movement since 91.220. Way too go sellers !
Thus, here is my short rules as mentioned below
Buy/Sell = Sell (Short)
Pips: Potential of 3000+ pips run (If there is no rallies in between the downstream).
Targeted TP Level: Level 1 (Safest). (Level 2 if Level 1 Breakout happened).
Lot Sizing: Your prefer risk-reward settings. My risk management is in between 1 - 3 %.
Confidence level: 1 - 10? (10 Max out).
Technical or Fundamentals: Pure Technical. Fundamental will help push it down moar !
Have fun trading and let's profit together :)
Trade active
A slight retracement before resuming its downtrend movement. I am very positive that the market is trying to trap the bull players.Note: I am still sticking with my trade regardless of the market reversal's behavior.
Trade active
On a side note, if you had a huge margin, this is a good opportunity for you to scale in with a proper sized risk-management. You will never regret :) !Note
Regardless of the bullish movements, the weekly timeframe is supporting the bearish movement twice as much on what we'd seen in the current price action movement. The core belief of my technical analysis is : Patience :)
Trade active
New Targeted Take Profit Level.TP Level 1: 87.976
TP Level 2: 87.213
Trade active
UPDATED (Version 1)Take Profit Level (Based on Latest Changes on Daily TF)
Level 1: 86.360
Level 2: 85.760
Trade: Short/Sell (Anything that you named it that goes down).
SL: Your preferred risk management.
Risk: 1 - 3 % suggested.
Scale: Place trades not more than 3 open orders. (I usually scale in with larger lot sizing and not opening more than 3 trades at one time because of the risk exposure that I am exposing into).
Have fun trading.
Note
UPDATED (Version 2)TrendLine of the Daily Chart for CAD/JPY got broken. It's giving a HUGE hint that the trend is changing. Hold onto your short trades !
TP Level (Edited) (Level 1): 86.438
Level 2: Canceled.
Have fun trading !
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