Trend is bearish so we will wait for price to retrace before taking a short position on CADJPY.
Confluences:
- 38.2 fib
- 86.00 psych level
- Daily resistance zone
As traders we REACT, not predict. If price breaks this level, look for a potential short opp at the 87.00 psych which coincides with the 61.8 fib
Confluences:
- 38.2 fib
- 86.00 psych level
- Daily resistance zone
As traders we REACT, not predict. If price breaks this level, look for a potential short opp at the 87.00 psych which coincides with the 61.8 fib
Note
Price is in PRZ. Will wait until price gives a bearish momentum shift.Note
Waiting for the daily closure to make a decision. If price closes below the PRZ on the Daily, we will get in for a short and adjust the SL appropriatelyNote
Did not enter. Will wait to see if price hits 87.00 to reject off that level
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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.