Get started

Cadjpytrade

CadJpy Range Break Hybrid SetupDrawing channels and resistance levels on CadJpy shows a very interesting setup. CadJpy has been trading inside this channel since february and so far every wave that tried to break the upper range was followed by a strong bearish wave that kept the decending channel intact. Stoch Rsi shows that theres enough fire power left for a possible upwards break. However when looking back we see that at this area the Stoch Rsi all of sudden made a bearish cross-over numerous times. The Adx indicator also still shows that a bearish trend is a bit stronger then Bullish How To Trade Wait patiently till either a break of the upper channel or the small lower channel. A break of the small lower channel will lead to a wave down towards that big lower channel. This sell can have a take profit set at around 79.55 A break of the upper channel which has been failed to break since february will be the start of a strong bullish wave, possible take profits are 84,78 and 87.36 long term. Stop-loss: When buy set a stop-loss 20 pips below the small lower channel. When sellling set a stop-loss 20 pips above the upper channel.
by JoshFX1
CADJPY Consolidation Coming to an End?The CADJPY isn’t something I trade often. But recent price action suggests the pair could be in the early stages of the next leg higher. And with the right amount of patience, the technical structure that’s been forming since mid-February could offer an attractive entry. The pattern I’m referring to is the descending channel that extends from the February 15th high. Buyers have already tested the upper boundary of the channel twice and seem intent on having a third go at the 83.50 area. Additionally, the CADJPY bounced from a significant area last week. The 82.00 handle has been a key factor since April of last year and is also the 50% retracement of the 2016 range that spans 1,410 pips between 74.81 and 88.91. From here I’ll be on the lookout for a daily close above channel resistance near 83.50. If it happens, I’ll then need to see bullish price action on a retest of the area as new support. The next key resistance would come in at 84.60. The level has served as a pivot since December of last year and is also the 38.2% Fibonacci retracement from the 2016 high to the current 2017 low. A close above 84.60 would expose 85.45 followed by 86.25. But nothing is confirmed until buyers manage a daily close above channel resistance. Also, keep in mind that we have the Bank of Canada rate decision and statement this Wednesday at 10 am EST. With this in mind, I’ll wait for the event to pass before considering an entry here.
Long
by Daily-Price-Action
CADJPY Breaks Key Support but Keep an Eye on 83.55On Friday the CADJPY broke below the 84.60 handle. This level supported the pair on December 5th of last year but had more recently attracted buyers on February 28th and March 9th. Today’s high of 84.61 illustrates a retest of this area as new resistance. And last week’s breakdown suggests that we could see prices continue to slide lower over the next few sessions. However, there is an area of support not far below the current price that I’m keeping a very close eye on. The 83.55 handle is the intersection of descending channel support and a horizontal level that played a crucial role between February and June of last year. The 83.55 level is also the 38.2% Fibonacci retracement when measuring from the 2016 low at 74.80 to the high at 88.91. If we compare the descending channel below to last year’s rally, the price action since mid-December does appear to be corrective. As such, I’m currently labeling the structure a bull flag, which could generate an impressive move higher over the coming weeks and months. But the key word there is could. While the past five months of price action looks relatively bullish, we won’t have any concrete answers until buyers manage a close above channel resistance. As for the 83.55 area, I’ll be watching for bullish price action should we get a retest over the next few sessions. Of course, another option is to wait for the pair to break consolidation first, but with a 300 pip range that may not happen for quite some time.
by Daily-Price-Action
CAD/JPY, LONG, DAY CHART (2-JAN-2017)Note: Overall, we are bullish on CAD/JPY. There are 2 trading plans for this pair: 1. It is a Swing Setup, price pullback nicely to the support zone and 20-EMA. We see bullish signal bounce back from 20-EMA and Support Zone. A good signal to long now. Alternatively, can wait for pullback again and another bullish signal for confirmation to long. 2. If a 2B reversal pattern formed or 1-2 bearish signals formed, It might reverse and go to the bearish side.
Long
by YongLiang