CADJPY - Short
Updated
Good night everyone,
Quick check at CANADIAN DOLAR FUTURES on right bottom of the chart
H&S bearish formation, about to break. I dont like 100% this formation, why? Because overall canadian dolar was already in a downtrend and this recent upmove was a correction, and a H&S is a reversion only pattern, so this one cant be fully trusted, anyway its there and show a bearish confluence.
Now to the CADJPY charts,
Weekly: Bearish pin bar and overall downtrend and under 50 ema
Daily: Rsi bearish divergence , over 50ema (this is a bad confluence for shorting)
4H: its almost oversold and already struggling
idea: wait for a H4 consolidation and pullback before going short.
SL can be placed around 84.700 zone
TPs are around 82.500 and 81.500 zone
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
Quick check at CANADIAN DOLAR FUTURES on right bottom of the chart
H&S bearish formation, about to break. I dont like 100% this formation, why? Because overall canadian dolar was already in a downtrend and this recent upmove was a correction, and a H&S is a reversion only pattern, so this one cant be fully trusted, anyway its there and show a bearish confluence.
Now to the CADJPY charts,
Weekly: Bearish pin bar and overall downtrend and under 50 ema
Daily: Rsi bearish divergence , over 50ema (this is a bad confluence for shorting)
4H: its almost oversold and already struggling
idea: wait for a H4 consolidation and pullback before going short.
SL can be placed around 84.700 zone
TPs are around 82.500 and 81.500 zone
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
Note
Price failed to produce pullback and went straight to hell =p all good.
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