Cadjpyshort
#CADJPY Double Top #CADJPY Hello everyone, and welcome to my TradingView profile, my name is TRADiNG_Club_ and today I am going to analyze #cadjpy a full technical analysis on different time frames using a translation of market information While doing so, let me give you a personal opinion about it. The next most likely market movement and helps you find and manage market opportunities.
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CADJPY 200 Pip shortPrice is overall still in a consolidation from December 2021. Beginning 2022 we hit the extremes of last months consolidation and we´re right now at a Key level to trade back into the Consolidations Liqudiity point of December.
Small Risk Trade R to R is 1 : 6,2 // price could also go up one more time to close above the Key level, if this happens ill´Stop out and plan a new trade.
My Overall Target is 89.200, due to Bullish Seasonality, I´ll use some of my Short Profits to Hedge for a Double Break. MY Long Hedge will start 89.200 scaling in as low as price goes without hitting my stop loss on the long position.
CADJPY Short (Daily/Weekly Analysis)CADJPY rejected an important Daily/4H resistance level after faking-out above it (which corresponds to a Weekly/Monthly wick) the SL will be put to break-even when price reaches 90.240 level, as it has acted as a strong support/resistance in the past and price could bounce up from there. The Final target is 87.800.
CADJPY SHORT - SUPPLY, ELLIOTT WAVE, RSI, PITCHFORKBACKGROUND
We are at a supply order block which caused a break of structure . There is plenty of Asia-low liquidity waiting for us below. All the imbalances have been filled as well.
So, the immediate bias is to look for a drop in price .
SUPPORTING EVIDENCE
1. We can see a 5 wave Elliott wave forming. Very frequently, wave 1 is equal to wave 5 .
2. We can see a clear simple RSI bearish divergence .
Short CADJPY -JPY looks strong (20 Dec, 2021)With the exception of USDJPY (it looks a bit tricky) all JPY crosses are giving clear bearish signals.
I am looking to take a short on CADJPY. The support at 88.30 has been convincingly broken. This happened on 30th Nov as well but subsequent bullish recovery attempts were quite weak by comparison. I believe that after a retest of this previous support, we will see a bearish continuation of the trend that began in late Oct.
Price is once again below the 200 DMA and that by itself is a bearish sign. An entry near 88.30 would permit a small stop loss and first target would be above 85.10 - a nice 3R trade opportunity. The next target lies below at 82.00
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