CADJPY - Possible end of corrective wave
Price has formed a Adam and Eve pattern on the Weekly chart, and has gone as far as the neckline.
This is a rather reliable pattern to break downwards, but being on the weekly, it took a longer time to form.
Now price has being on a series of ABC waves on LTF, so we keep correcting upwards.
Currently it is at the top of support turned resistance zone. Selling here with a small stop above will garner a good RR if the trade goes the right way.
Target for the Adam and Eve is around 97.32, but that it provided the neckline gets broken and its a long way there.
For shorter term trading, I am just going for the decent wins. Entry here, and target at 104.25.
This is a rather reliable pattern to break downwards, but being on the weekly, it took a longer time to form.
Now price has being on a series of ABC waves on LTF, so we keep correcting upwards.
Currently it is at the top of support turned resistance zone. Selling here with a small stop above will garner a good RR if the trade goes the right way.
Target for the Adam and Eve is around 97.32, but that it provided the neckline gets broken and its a long way there.
For shorter term trading, I am just going for the decent wins. Entry here, and target at 104.25.
Note
Weekly Chart - Adam and EveTrade closed: stop reached
Barely stopped out and reverse.This idea is still likely to work. Sell retrace next week.
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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.