Just a qucik update on the CADJPY trade from this week as I wrote in the last post after price had took out the 2008 HIGH and then close back under this level then we would get a correction down towards the 107.5 area which was the previous high in current trend. This scenario played out last week with us selling early on Monday morning and dropping down to the...
Trading within this flag formation allows me to catch a couple of pips to the downside. Happy trading
Price is testing our first support at 80.450 in line with our horizontal overlap support, 61.8% fibonacci retracement and 100% fibonacci extension where we could see a bounce above this level. Ichimoku cloud is showing signs of bullish pressure as well.
Trading suggestion: . There is a possibility of temporary retracement to suggested support line (78.5). 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 uptrend is expected. . The price is below the 21-Day WEMA which acts as a dynamic resistance....
Good break into the channel can be a good signal of shorts.