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CADJPY

Potential Reversal Trade Idea for CADJPY Over 1000 PIP potentialTrade Pair: CADJPY Direction: Potential reversal to the downside Entry: Below current market price (to be determined based on technical analysis) Stop Loss: Above resistance at 109.58 Take Profit: 96.5 Rationale: The CADJPY currency pair has shown signs of a potential reversal to the downside, presenting an exciting trading opportunity. The idea is to enter the trade below the current market price, targeting a significant move of over 1000 pips. Technical Analysis: Resistance Level: A crucial resistance level at 109.58 has been identified. Placing the stop loss above this level helps to minimize potential losses if the price breaks out to the upside. Bearish Divergence: Observe for any signs of bearish divergence on the oscillators or other technical indicators, indicating weakening buying pressure and a potential reversal. Trendline Break: Monitor for a break below a major trendline or a support level that could confirm the reversal and attract further selling pressure. Risk Management: To manage risk effectively, it is important to adhere to the following guidelines: Position Sizing: Determine an appropriate position size based on your risk tolerance and account size, ensuring that potential losses are within acceptable limits. Stop Loss: Place the stop loss order above the resistance level at 109.58 to protect against a potential breakout to the upside. Take Profit: Set the take profit target at 96.5, aiming for a substantial move to the downside. However, consider adjusting the target based on subsequent price action and market conditions. Monitoring: Regularly monitor the trade's progress and adjust the stop loss or take profit levels if necessary, taking into account any significant price movements or fundamental developments. Please note that this trade idea is based on hypothetical analysis and historical price patterns. It is essential to conduct your own thorough analysis, consider market conditions, and consult with a qualified financial advisor before making any trading decisions.
Short
by PriyankaSatam1894
1
USDCAD-07/03/2023Preferred direction: SELL Comment: Despite the fact on Friday the downward impulse after breaking out the lower border of the balance did not take place, the priority of sell remains. However, the action plan has been slightly changed. The most potential sell should be considered at the upper border of the current balance, most likely in the format of a false breakout. An alternative scenario, also sell, can be considered at the lower border of the same balance, that is, in the format of a breakdown of the level of 1.32399. The target is still the same at the level of 1.31385. Thank you for like and share your views!
Short
by Strifor
3
CADJPY ____ INCOMING BEARISH MOVEHello Guys, As I had mentioned in my previous post on USDCAD (inserted below), CADJPY which is correlated to USDCAD is also at a very important supply region (weekly order block). My speculation is that CADJPY may continue some more inducements and manipulation on its way to the top before it begins selling. If you look left, you will notice the buy-side liquidity (equal highs) that the price may just spike above before selling or creating another equal high. You should put this pair under your radar as it has more potential to deliver on the short. Follow me for more updates like this. USDCAD ANALYSIS Cheers, Jabari
Short
by jabariofafrica
3