CAD/JPY Flying After Broke Res Area , Long After D Closure ?This Is An Educational + Analytic Content That Will Teach Why And How To Enter A Trade
Make Sure You Watch The Price Action Closely In Each Analysis As This Is A Very Important Part Of Our Method
Disclaimer : This Analysis Can Change At Anytime Without Notice And It Is Only For The Purpose Of Assisting Traders To Make Independent Investments Decisions.
Cadjpylong
CAdJPY: Elliot Price Action Hello friends. Canada/yen has an upward trend in the long term and will expect to reach 117, but in one hour time, the first wave has ended and it will move towards the price of $105 in a three-wave correction, and after that, it will see a strong growth. up to the price of $112, which is the end of wave 3.
CADJPY H1: Bearish outlook seen, further downside below 105.50On the H1 time frame, prices are testing the resistance zone at 105.50 in line with the graphical resistance where a break below the downside confirmation level at 104.80 could provide the bearish acceleration for further downside moves to the support zone at 103.50. This support zone lines up with the 78.6% Fibonacci retracement. Stochastics is testing resistance and seeing bearish divergence as well as highlighted in red where we could see further downside in prices.
CADJPY longEntry based on the third touch of ascending channel which is bullish and confirms the trend. On this occasion, price made a W double bottom touch at the demand zone. 1hr ADX is bullish. Momentum is bullish. Price made a 5 min bullish engulfing pattern. The 15 min gave a pin bar this area. The price is above the daily and weekly pivots. Market structure is making higher highs and lows. This should be a strong area of support.
CADJPY longPrice is trending up. There is an ascending channel. We enter at at the bottom of the channel. Price rejection off the demand zone with daily support level. Momentum is bullish. Price is above daily and weekly pivot. Weekly candle is bullish. Bullish engulfing daily candle spotted on Tuesday.
Time for a long on CADJPY 💹I have a trade alert for CADJPY.
Trend trade identified and entered.
Working H1 timeframe.
Trade details can be found on the chart in printed label.
All the TP values same in label as that's what I'm aiming for on this strategy.
Trade box is tracking the trade.
Want to know how I identified this trade you know what to do.
Thanks for looking
Darren🙌
Week 7 assignment (EXHIBIT E) for CADJPY by PROSHERIFFBULLISH ABCD PATTERN
1. Strong up trend can be expected.
2. A rejection can be seen at point D.
3. Bullish Candles have started to appear after the conformation of the pattern.
4. A tight TP is set with a take profit level of 104.700.
5. A stop loss level of 103.521 is set.
6. RR ration of 1:3 is taken for this trade.
CADJPY shortDouble bottom rejection off key demand zone. 1hr bullish engulfing break above daily resistance. Daily resistance is also the neckline for this W shaped double bottom. 4hr candle is most a bullish engulfing candle. ADX about to flip positive. Momentum is continuation of bullish divergence patter. The price is above the daily and weekly pivot indication this is the strongest buy zone for the week as price was unable to break below the weekly pivot even after CPI move. I have my TP set at the next supply zone.