CADJPY Trade Idea
Monthly Timeframe:
Price has been in a long-term Bullish Uptrend. "The trend is your friend" (with the correct narrative).
We are moving towards equal highs (Liquidity), which I expect price to reach to. "To them and through them" ;) Looking at the current Monthly candlestick, we are likely to take out the Previous Month's High as well...
Weekly Timeframe:
We just formed a Swing Low (3 Bar swing). This indicates that we can anticipate the next Weekly Candle to be BULLISH, giving us a Bullish view for the upcoming week.
Also notice that the swing low was formed on a Daily Bullish OB, confirming that area to be valid - and that OB should then be pushing us higher from where price is currently at.
Price just broke a Swing High to the upside (MS / Market Shift). The Swing High is a Bearish pattern that FAILED. This tells us that Buyers are in control. A Bullish Market Shift gives us Short-Term Bullish Bias.
(Also notice how price was creating Doji candles, however, they all closed Bullish and failed to close Bearish - giving us yet another clue that price TRIED to go lower but couldn't because the Orderflow is too strong to the upside).
Daily Timeframe:
We can see that Bearish (Premium) PD Arrays are failing, and Bullish (Discount) PD Arrays are being respected. This tells us that the Orderflow is BULLISH...
Looking on the left, price impulsively broke through the previous high creating a bullish Break in Market Structure (BMS). As it did that, we can expect the High of the Impulse to be reached, as price should remain Above the Protected Low.
Looking at current price, we just broke above a Bearish Candle. This Bearish should act as an Orderblock and we should see price remain above it and be respected. We also have a Bullish Breaker supporting it from the left.
H4 Timeframe:
I'm currently interested in seeing Longs from this Orderblock, as my overall bias for the week is Bullish. The Orderblock is nice because it grabbed liquidity before immediately running higher creating the FVG above it, as well as it's lining up with the bias and order flow.
I'm expecting price to sweep this level at least 30 pips (take Liquidity of the resting Retail-Orders).
The BPR (Balanced Price Range) is NOT a Fair Value Gap as the area has been balanced, which should Not cause any moves lower.
If this triggers between Monday-Wednesday it's most ideal, as these days tend to make the Low of the Week and have the highest volatility.
However, there are some criteria I need for this to be a valid trade though...
Firstly which day it triggers entry, what time of day it triggers entry, No News at entry, or if it goes up to BSL before coming back down then I won't take it.
I'll be monitoring price closely to decide if I'll take the trade or not... It's your job to do the same if you decide to take the trade, and ONLY take the trade if you agree with my analysis!
(And if it doesn't trigger my entry and rallies higher instead, I'll look for new entries with the SAME BIAS in mind. So should it not trigger, or if the setup fails, my Bias remains the same for new entries as I expect higher prices).
