Nakedchart
What I'm seeing on CADJPYGooday Traders! From the daily timeframe, CADJPY has been in an ascending channel. Lately price has made a correction, broken and retested but encountered obstruction at 82.500. Price is almost at my ascending channel support. I'll watching H4 for further confirmation on whether my ascending channel support will hold.
Im however, looking forward to a longer buy as this wave is an impulse wave but till then my tp is set already.
This is what im seeing.
Remember proper risk management is crucial.
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EURCHF Potential DowntrendFrom the analysis above, it shows a potential downtrend.
In the D1 timeframe, the market is in a descending channel.
The figure above in 1H timeframe, it has shown an impulsive move after it reverses when it touches the D1 Descending channel and it has formed a bear flag (price action within the context of a downtrend).
The TP point can be at the beginning of the descending channel.
Any comments are welcomed. Let me know your opinion.
Thank you.