CAD/JPY (1h Chart): Why AM I SELLING!!!
Reasons why I'm selling
There's an initial breakout of the 1h upward trendline. Price closed below the trendline.
When you look at the downward trendline drawn from the weekly timeframe it shows clear signs of a fakout taking place, price broke out for two candlesticks and is now forming a bearish candlestick hence I believe it's a fakout on the weekly confirming our sells on the 1h chart( Multitimeframe Analysis).
Stop loss is set a little high to avoid being stopped out should price retest the previous support now potential resistance and the new downward trendline.
Risk: 21.7 pips
Reward: 118.7 pips
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There's an initial breakout of the 1h upward trendline. Price closed below the trendline.
When you look at the downward trendline drawn from the weekly timeframe it shows clear signs of a fakout taking place, price broke out for two candlesticks and is now forming a bearish candlestick hence I believe it's a fakout on the weekly confirming our sells on the 1h chart( Multitimeframe Analysis).
Stop loss is set a little high to avoid being stopped out should price retest the previous support now potential resistance and the new downward trendline.
Risk: 21.7 pips
Reward: 118.7 pips
Please share your comments on this idea and follow for more quality ideas!!!!
Please like if you agree with the idea!!!
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