Here we can see a very simple trade to be taken on the Short-term bearish bias. CADJPY has reached strong daily resistance area.
Possible Double top (strong resistance) with multiple rejections. Aiming to short the reversal, with the stop loss place above previous wicks as shown the graph.
On another note, a pullback to 38.2-61.8% Fib would be considered as a healthy one before continuing the overall "bullish" trend.
BUT please take into consideration that we have Canada’s Gross Domestic Product (GDP) release on Feb 28th. Thus, we advice you to tighten your stop loss before the news.
Possible Double top (strong resistance) with multiple rejections. Aiming to short the reversal, with the stop loss place above previous wicks as shown the graph.
On another note, a pullback to 38.2-61.8% Fib would be considered as a healthy one before continuing the overall "bullish" trend.
BUT please take into consideration that we have Canada’s Gross Domestic Product (GDP) release on Feb 28th. Thus, we advice you to tighten your stop loss before the news.
Trade active
Target 1 HIT (4H Chart)Note
Going well! Place your SL in profit and let it run
Trade closed: target reached
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Website: unclebullgroup.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Free Discord: discord.gg/HpF9uG35Zs
Instagram: @UncleBullGroup
Website: unclebullgroup.com
Instagram: @UncleBullGroup
Website: unclebullgroup.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.