CAD/JPY Short 4RRYesterday @ 10 AM I entered a trade with 2RR for prop account and actually forgot about it. This morning when I woke up it was the first thing I remembered and immediately ran to the PC to set stop to 4RR but was too late and trade took profit. My point is your system should work for you when you see a trade take it and stick to it !
Cadjpyshort
CADJPY are you about to meet new Highs?Hello traders. based of the uptrend structure that was created its clearly seen the probability of meeting new highs. I'll keep my eyes on this one to see how it comes out. Candlestick pattern, Exponential moving average, support and resistance and Price action are the confluences of this trade setup.
cadjpy short idea$CAD/JPY general is trending up , if you zoom out to the 4h frame you can clearly see the price kept on printing new highs since 16th june forming a perfect bullish market structure with higher highs/higher lows . but if if we zoom in to 1h frame you can see a smaller wave creating a bearish market structure and already broke the previous low at 150.59 so we take it as a sign of weakness of the price . now if we zoom out again but this time to the daily chart you will notice that the daily candles formed a daily resistance at 105.71 so we will see a price correction to this price level and if it holds the price should fall down to 105.17(50 pips) as a first bearish target and a possible continuation all the way down to 104.80 (90 pips). as for the stop loss it's put above at 106.02 (35 pips).
remember that it's a counter trend trade so if you open a position make sure to use a proper money management .
the short mode will be cancelled if we have the price to break above 106.14.
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trade safely good luck everyone
CADJPY: Sellers Ready 🔄Could we really begin to see some sell pressure on the XXXJPY after a huge bullish cycle? Price action suggests it.
A strong sell breakout presented and lured FOMO sellers into the market.
Now they have been wiped out, we can consider joining sells with the big boys.
I will observe if price continues to react to these minor supply zoners at market open.
If everything ticks my boxes, I will enter shorts with the team.
CADJPY SHORTING WEEKLY TIME FRAMECADJPY has reached and been rejected from 2014 big resistance level.
Weekly time frame:
rsi = overbought
macd = weaken.
It got rejected from resistance in 8 june 2022 and tried to retest it but failed in 21 june 2022.
However on the 1 hour time frame, it failed to break LL of 10200 in 16 jun 2022.
But higher time frame moment is down, expect market to go down.
Cadjpy has been pumping due to the war = printing + exporting stuff.
Cadjpy risky longsCadjpy has been in a long term uptrend, so we should be preparing for a distribution.
Nevertheless, this lends credence to a trend following approach being optimal.
A pullback to the previous high of the pair should signify a highly probable formation of a Higher Low to shoot for a continuation long.
Incidentally the pullback zone is also the 61.8%/50% fib level of the upmove.
The bullish break and retest of the LTF descending trend line and the LTF minor resistance should most probably start a bullish climb to equal highs at least.
Pls like and drop quick sub and COMMENT!.
💡Don't miss the great sell opportunity in CADJPYTrading suggestion:
". There is still a possibility of temporary retracement to the suggested resistance line (100.94).
if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. CADJPY is in a range bound, and the beginning of a downtrend is expected.
. The price is below the 21-Day WEMA, which acts as a dynamic resistance.
. The RSI is at 33.
Take Profits:
TP1= @ 99.95
TP2= @ 98.98
TP3= @ 98.23
TP4= @ 97.04
TP5= @ 95.69
SL: Break Above R2
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