Feb 24 CADJPY Short-term bear before LONG Position
MTF Analysis
Monthly TF had a big push up from tapping the 38.2 Monthly Fib retracement.
On a weekly TF, this retracement bounce on a Monthly 38.2 Fib is a bull run.
This weekly TF bull run has run out right at the previous month's high, previous week's high, and prev day's high -- which was the best entry point had i done Wyckoff analysis earlier
Anyway, since price has ran out of gas on this weekly bull run, it's actually about to break the weekly/daily trendline it's been bouncing off of.
My bias is that price will retrace from a Weekly TF perspective to the 38.2 weekly fib level which also perfectly aligns with the previous week's low & an H4 imbalance/inefficiency.
Fundamentals to support my bias.
JPY had a good inflation YoY rate this morning.
CAD had some wobly numbers from yesterday's economic updates.
Monthly TF had a big push up from tapping the 38.2 Monthly Fib retracement.
On a weekly TF, this retracement bounce on a Monthly 38.2 Fib is a bull run.
This weekly TF bull run has run out right at the previous month's high, previous week's high, and prev day's high -- which was the best entry point had i done Wyckoff analysis earlier
Anyway, since price has ran out of gas on this weekly bull run, it's actually about to break the weekly/daily trendline it's been bouncing off of.
My bias is that price will retrace from a Weekly TF perspective to the 38.2 weekly fib level which also perfectly aligns with the previous week's low & an H4 imbalance/inefficiency.
Fundamentals to support my bias.
JPY had a good inflation YoY rate this morning.
CAD had some wobly numbers from yesterday's economic updates.
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.