CAD/JPY good long position as we shared our analysis last week and market follows our predication and went exactly there to retest
now market is at demand zone and going long
look for bullish confirmation on lower time frames and enter long with your own money management
always remember that patience and discipline are the keys to success
last week prediction link is here
Cadjpyforecast
CADJPY | Perspective for the new weekConsidering the long term Bullish perspective ( see weekly chart), I see a correction phase of the Bullish Impulse leg (began on the 21st of April, 2021) happening since the price broke below Y90.000 on the 17th of June 2021.
Tendency: Uptrend (Bullish)
Structure: Breakout | Supply & Demand | Correction phase
Observation: i. The successful Breakout (29th of April 2021) of Y88.000 level which "resisted" price for 48days confirms the strength of the Bullish momentum.
ii. Since price found peak @ Y91.100, we have experienced a downward spiral (correction phase) that we are yet to decipher when it will end.
iii. A long-term Bullish perspective was confirmed the moment price broke above and rejected the major Support/Resistance zone @ Y85.500 on the 5th of March and 21st of April 2021 respectively.
iv. The Breakout of Trendline also coinciding with the Breakout/Retest of major Support/Resistance level has a significant impact on the character of the Bullish momentum.
v. In this regard, I anticipate a rejection of the Trendline to spark a rally continuation in the coming week(s) as the area above Key level I @ Y88.200 pronounces Buy window I.
vi. Now should the price break below the Trendline in the coming week, another opportunity to buy is spotted on the chart as Buy window II which is right above Y87.000 zone.
vii. As soon as rally continuation is confirmed, I look forward to a transition into a Harmonic pattern (AB = CD) with parameters explained below.
a. Impulse A-to-B is expected to be in harmony with the potential C-to-D leg.
b. The B- to-C leg is expected to fall at 61.8% with the potentials of extending to 78.6% Fibonacci retracement of the A-to-B leg.
c. The C-to-D leg is expected to fall within 127.2 - 1.414% Fib. ext . of the A-to-B @ Y93.000 area.
viii. Trade consciously!😊
Trading plan: BUY confirmation with a minimum potential profit of 500 pips.
Risk/Reward : 1:6
Potential Duration: 12 to 20days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the financial market (including foreign exchange, commodity trading, CFDs, stocks etc.) involve high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
CAD/JPY at multi-year resistance, fall likely!CAD/JPY has reached a multi-year resistance level. It looks unlikely
for the bulls to break through this strong resistance in the first attempt.
So, there might be a moderate correction soon.
A sell entry@91.10-91.60 with SL above 92 and initial TP at 88 could be
a possible sell signal based on the weekly chart.
295.8 Pip Medium/Low Shorting opportunity A medium/low probability to go short has been given after the market failed to create a higher high, suggesting that we may see some bearish pressure at the given levels.
Expectancy: Short term
Idea: Possible bearish wave
Previous accuracy: 70.27%
Trail: 90.346
Sl: 29.1 Pips
Tp: 295.8 Pips
Caution, trade may be invalid if a higher high is created.
CADJPY Expected moveAscending channel is formed in LTF the price might get rejected after 3rd touch and move down towards the previous swing point and then may continue to move upwards . We can take a risk entry at the 3rd touch with 15 pip sl and then hold till previous swing and can look for a buy after the rejection from previous swing with a good candlestick formation
CADJPY 4H Short on Double Top DivergenceCADJPY 4H Short opportunity as the prices are moving corrective on 1H which shows no intent at the moment for the buyers to push prices higher. Mean while it is a all time frame counter trend trade and have to make sure the Risk amount should be 0.5% of your equity.
Risk Management should be fully implemented while taking short positions on this setup.
Stop Loss should be 20 Pips above the swing highs.
CADJPY: Trade idea.Looking for a BRT (break and retest) here. Watch and wait for bullish price action at the support level. Always enter after confirmations of bullish price action. A bullish engulfer, an evening star, a hammer, a full bodied bullish candle that breaks minor resistance, etc.
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