CADJPY Swing trade setupWe had an ascending channel from 82.000 till around 83.718, where we had some price corrections of sorts for around 48hrs. We had a resistance level at 83.304, where we saw the pair test this level several times. The pair might break to the downside according to the 1 hr chart, and we're expecting a descending channel to around 82.019. It is important to note the relevant price levels in the previous ascending channel, where there was price corrections ranging for around 4-8 hrs, as seen at 83.210, 82.932 and 82.499. This is not quite a high probability setup. However, with the right risk management, you could be in for some good profits. The setup may take several hours, and maybe extend into the Asian session, which is 7 hrs from the time of this publication. It is recommended that you set your stops at 83.913.
There's also the possibiliy that right infront of our eyes lies a 'scoop'(at 83.455) which indicates a short-term rally to the upside for an exra 2hrs, before retesting 83.834, then a possible(but obvious according to structure) move to the downside.
I decided to take a bearish turn earlier, so I entered he trade at 83.803(the ultimate safe haven), but at the moment the price is at 83.473. My stops were real tight, risking around 1% at the time. My target is at 82.039 where I'll be looking out fo a massive correction before a further(brief) move to the downside, and there's a probability that this setup will still be valid for a long time. Are you bold enough to take the swing, guys and girls?
May the pips be with us all.
PS: I only use tradingview as my technical analysis platform. For entry orders, I'm still stuck with the old-fashioned MT4. Sorry tradingview :) .
