CADJPY looks clean for a SELL
HTFs - Looking left there is a clue in the heavy bearish momentum which is then followed by a sideways correction. Basically a simple impulse correction on higher time frames and anticipating a further impulse. Price has been ranging for a few weeks but looks to have completed following the 3rd touch rejection at the top of the pattern
LTFs - price has rejected multiple times off the highs at top of structure and then finally just pierced above, and immediately reversed with a short sharp drop
ENTRY - as price was pretty bullish on it's approach to outer structure, I was waiting for the bearish impulse and the first flag. After that happened, entry has already been triggered just on the downside break of the first flag
LTFs - price has rejected multiple times off the highs at top of structure and then finally just pierced above, and immediately reversed with a short sharp drop
ENTRY - as price was pretty bullish on it's approach to outer structure, I was waiting for the bearish impulse and the first flag. After that happened, entry has already been triggered just on the downside break of the first flag
Trade active:
Entry triggered just before 09:00 GMT
Trade closed: stop reached:
-1%