FOLLOW-UP: Another potential CADJPY SHORT opportunity imminent?
Updated
CAD now bearish on all pairs, especially the one at hand... might bounce from here up to the recent trade's TP @ ~83.13 = 23.6 Fib level at most and, from there on, should continue its decline by breaking through the massive SHS-formation that developed since mid-NOV '16 - metrics here indicate a potential breakdown to 69.xx with an intermediate low which happens to be the current trade's TP. Mind you, we are dealing with a significant bearish divergence on the RSI as well as a Death Cross in play on a daily timeframe.
Altogether, we can expect a further substantial drop given the ultra-bearish weekly outlook.
BUCKLE UP!
Altogether, we can expect a further substantial drop given the ultra-bearish weekly outlook.
BUCKLE UP!
Trade active
Trade closed: stop reached
After flash-crashing against the Yen, which occured overnight throughout the whole FX realm, CAD bounced massively - and, thus, unfortunately hitting my stop @ 78.716... I highly doubt that there'll be another profitable re-entry point for this short trade as the Dow Jones FXCM Yen Index is already retreating from its 26+ month high as I'm writing this.. but.. still keeping my eyes on it to squeeze a few more PIPS outta the market.
STAY TUNED!
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