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Cadjpysell

Support becomes ResistanceHi guys, this is one of the simplest method to read structure, in a downtrend, when a support is broken, it most likely will become resistance once retested. Stops above highs, target1 81,2x level. Target2 to be determined. Don't know if i'm getting involved since i have two other CAD pairs on my watchlist. I'll let you know. If you want to share your view, or simply ask questions, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
4
CadJpy Range Break Hybrid SetupDrawing channels and resistance levels on CadJpy shows a very interesting setup. CadJpy has been trading inside this channel since february and so far every wave that tried to break the upper range was followed by a strong bearish wave that kept the decending channel intact. Stoch Rsi shows that theres enough fire power left for a possible upwards break. However when looking back we see that at this area the Stoch Rsi all of sudden made a bearish cross-over numerous times. The Adx indicator also still shows that a bearish trend is a bit stronger then Bullish How To Trade Wait patiently till either a break of the upper channel or the small lower channel. A break of the small lower channel will lead to a wave down towards that big lower channel. This sell can have a take profit set at around 79.55 A break of the upper channel which has been failed to break since february will be the start of a strong bullish wave, possible take profits are 84,78 and 87.36 long term. Stop-loss: When buy set a stop-loss 20 pips below the small lower channel. When sellling set a stop-loss 20 pips above the upper channel.
by JoshFX1