Simple & Profitable Strategy for a Sell Opportunity on CADJPYTrade Idea:
This pair is in an overall downtrend, so my bias is favouring sells than buys. I'm looking for a break of the yellow trend line (Conservative Entry) and/or a retest of the orange RSI trendline (Aggressive Entry) to enter a sell towards the projected TPs.
Technical Analysis:
* This pair has break the short-term support now resistance zone, and its now retesting the S/R zone.
* Price has a slight bounce from the 200EMA and EMA14/21 is acting as resistance.
* A bearish rejection candle confirming my bias and rejecting from the short term S/R zone.
* RSI 14 (hlc3) has broken the upward trend line and is retesting that trend line, the RSI 14 is also below 50, indicating that sellers are gradually taking over for this pair.
*Please note that any trades you decided to take are of your own risk. All trade ideas published here are for informational purposes only and are my personal trades.
Cadjpytradingsetup
Trading Pathways Analysis of CADJPY H4 Chart
The outlined white arrow pathway is the predicted pathway that the CADJPY will follow in the coming days or weeks. Using my unique charting methods, I have been able to arrive at HIGH PROBABILITY turning points where CADJPY will turn.
PLEASE NOTE THE ABOVE ANALYSIS IS FOR EDUCATIONAL PURPOSES ONLY. THEY ARE NOT DIRECT INSTRUCTIONS TO TRADE AND ANY LOSS INCURRED BY FOLLOWING THIS ANALYSIS IS AT YOUR OWN RISK.
Eiseprod of Trading Pathways
Box Box Box!CADJPY has been stuck in this range for WEEKS. I have continued to check it's situation however it is still struggling to break 85.75 high and 84.30 low, I will continue to monitor this pair but not really any opportunities to take advantage of until it break this box. Once it does, I will wait for a retest and then enter. Patience on this one guys! Unless you like range trading.....
CAD/JPY = The House of SellersThis pair had been trying to rally past the daily resistance over the past few weeks but failed to do so. With confirmation from the tested resistance levels on Daily (Tested thrice), it is safe to assume that buyers are no longer in-charge to push this pair higher to to resume its bullish movement.
Nonetheless, the pair had been going down ever since the incident aforementioned. As of indicated, the pair is rallying up and down in a box (Zone) between 89.860 - 89.420. If the price manage to break the weak support at 89.420, rest assured that this pair is going to bleed further down to our First Targeted Take Profit Level 1.
Upon reaching the targeted take profit level 1. It's worth noted that the price action had to break the Level 1 zone before further pushing it to the level 2 zone as the Level 2 take profit zone is a near reflection of the Weekly Support level which gives us a huge idea on the pair's price action movement.
However, let's not forget that the weekly candlesticks showed a superbly strong reversal signs which supported the Daily Bearish movement since 91.220. Way too go sellers !
Thus, here is my short rules as mentioned below
Buy/Sell = Sell (Short)
Pips: Potential of 3000+ pips run (If there is no rallies in between the downstream).
Targeted TP Level: Level 1 (Safest). (Level 2 if Level 1 Breakout happened).
Lot Sizing: Your prefer risk-reward settings. My risk management is in between 1 - 3 %.
Confidence level: 1 - 10? (10 Max out).
Technical or Fundamentals: Pure Technical. Fundamental will help push it down moar !
Have fun trading and let's profit together :)
Watch out for this pair!As this pair has closed with a bearish candle, this pair is still on consolidation mode just right at the monthly's inverse Head & Shoulders.
Despite the bullish stance the Japanese Yen is delivering to the market in addition to the bearish stance Crude Oil is giving, the Loonie-Yen pair is still able to maintain its consolidation mode.
Whatever path it takes, the move will be huge.
Loonie up, Yen down?As shown on the graph representation, the CADJPY monthly time frame has formed an inverse H&S... and it is currently hovering at the neckline of the monthly inverse H&S! It's gonna be tough... but it's going to be interesting!
I currently have long CADJPY as seen on my previous analysis.
Possible push higherAs seen on the graph represented for you, the 2-hr ascending trend line has still been intact. Whenever it has broken a consolidation, it has allowed to push higher... then back to consolidation before any push higher.
Due to the recent events of the Bank Of Canada wherein it has applied a rate hike after years of keeping the rates intact, the Canadian Dollar has strongly pushed higher on several of its Forex pair despite the slow recovery of the Crude Oil (WTI and Brent).