FX:CADJPY   Canadian Dollar / Japanese Yen
143 2 10
The CADJPY             is moving lower with several ABC patterns within the bearish channel . The ABC in blue might be it which means that we should be selling the break lower. On the 4 hour time frame we might see a potential buy trade first.
snapshot


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Nice, but the potential buy on the 4 hour time frame is targeting the channel upper trendline " as your arrows show " and it may reverse before testing this trendline because it is not a must for all the legs in the channel to test channel trendlines . It may get very close to trendline and reverse just before testing it . So trendlines are not so reliable when coming to putting targets . I think fibs are more efficient . Any clarification will be highly appreciated if I am wrong .
Thanks for sharing such great ideas .
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TimStuyts forexstock
Sorry to clarify for the new followers, all trend lines are only indication of structure and therefore possible target zones for test-retest. However I trade structure at all times 'impulse-correction-impulse' and base target on strong confluence zones but in that case I show that in the chart. You can use any strategy that you prefer for targets etc. I will teach mine later on in a course and website, now and then I give a top down analysis and trade plan on Tradingview. I think my EURGBP call was a perfect example of a very detailed set up, however for CADJPY we need a little more data to draw comparable conclusions.
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