CADJPY short running ⤵️🙌We are using our trend following EDGE strategy for this trade.
Entry details are shown on the chart trade has been live since 4:00 am UK time.
This strategy is a simple 1:1.8 RR strategy.
Working the 30M time frame on this strategy.
We're only looking for TP3.
The trade history can be seen at the foot of this trade idea too for full transparency.
In that box every trade is logged and can be viewed by clicking the tabs in the report box.
You as the viewer of this idea can also do that so go ahead and have a play.
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Darren.
Cadjpyshort
CADJPY Short! Price Action AnalysisPrice is currently trading within Caption zone/s that last saw Tests for rejection to the downside in October-November of 2015.
For price to experience the anticipated drop, CAD has to weaken and JPY has to strengthen inclusive of fundamentals.
Bearish pattern signs have initialized on smaller time frames with rejection at 92.545, which is the beginning of a Caption zone that extends through 94.745.
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CADJPYBullish Indicators:
1) HH HL
2) Upward trend
3) Support at 89.698
Bearish Indicators:
1) Bearish inside bar
2) Resistance zone at 92.670
3) Bearish divergence on RSI
4) Breaking of lower trendline
Plan: After making bearish inside bar and bearish divergence on RSI one can take a short position from here for the target of 89.698.
CADJPY SHORTWhat we can see in this chart is a bearish market structure for CADJPY. First of all, looking at the RSI index, CADJPY is overbought, therefore it is expected a decrease of the graph. Secondly, the line is continuing bouncing at an important resistance area, between 91 and 91.5, that corresponds also to a weekly Fibonacci level of 0.5 (that often represent a turning point). Finally, considering the movement from the bottom at 73.70 and tracking the Trend-Based Fibonacci extension, it can be seen that the line arrived at the level 1.68, usually a target area.
Stop Loss: 92.59 (strong resistance/support line)
Entry Price: now (91.200)
Take Profit: 86.280 (strong resistance/support line)
No Financial Advice
CADJPY SHORTCADJPY is approaching big resistance after a major impulse to the upside.
This is looking like a nice area to short but do it carefully, since JPY is really shaky at the moment.
- I would only enter this trade if I see this resistance stoppping this big movement up and starting to range or If I prefer to enter on a sell limit at 91.00 I would use a 25/30 Pip Stop.
CADJPY - Sell Back In Line The Bearish ChannelCADJPY has been temporarily sleep-walking up out of a down trending channel through an up thrust.
Some resistance rejected at 88.30. Smart pin.
Expecting to return back in line revisiting the channel.
Exaggerated Divergence (Bearish).
TP1 - 86.50
TP1 - 85.50
Good loot management in play.
CADJPYBullish Indicators:
1) HH HL
2) Upward trend
3) Taking Support from the lower trendline
Bearish Indicators:
1) Resistance area at 88.698
Plan A: On the bounce from the lower trendline one can buy for the target of 88..698 and then for the 89.795.
Plan B: Failure to take a support from here one can take a short position for the target of 87.157.