Daily Bias Bearish
Fundamental Analysis
CAD Bearish JPY Bullish
Price Action:
Price retrace back into Daily S/R Level. Price consolidated in the Daily S/R level. Price broke below H1 S/R level and H1 trendline and create a lower low. This has give an confirmation of bearish movement.
Confluence:
Higher TF (W/D/H4) - Daily S/R level retested and rejected
Lower TF (H1/M30/M15) - Rising wedge pattern and H&S pattern were formed, price broke below both pattern to create a lower low.
Set up: Short trade at H&S neckline (H1 SR level). SL above H&S swing high. TP Targeting next Daily swing low R:R 1:4.
Fundamental Analysis
CAD Bearish JPY Bullish
Price Action:
Price retrace back into Daily S/R Level. Price consolidated in the Daily S/R level. Price broke below H1 S/R level and H1 trendline and create a lower low. This has give an confirmation of bearish movement.
Confluence:
Higher TF (W/D/H4) - Daily S/R level retested and rejected
Lower TF (H1/M30/M15) - Rising wedge pattern and H&S pattern were formed, price broke below both pattern to create a lower low.
Set up: Short trade at H&S neckline (H1 SR level). SL above H&S swing high. TP Targeting next Daily swing low R:R 1:4.
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.