CADJPY Sell The Breakout Bearish Trade Setup (Sell)

I expect the price to move back up to at least the 0.382 fib level and providing price action turns bearish and I have enough confluence in my setup, I will be looking to take a short back to the trendline and will be expecting the trendline to break to the downside. With stops above the previous swing high on the daily timeframe and aiming for 82.5, we have a very attractive sell setup.

Comment:

Strong rejection on the daily timeframe.

Comment:

Price did not move up to the Fib level and the strong seller momentum pushed price down below the trendline. On the 1-hour timeframe, we see a clear break & retest. However, I'm not convinced to sell from here and will be waiting to see how this setup develops.

Trade active:

Entry @ 84.094

Comment:

Added another small sell, Entry @ 83.925 with a tight stop.

Comment:

We have recently had the sharp leg down, pushing us deeper into profits and with +88pips currently on the table, it may be a good position to secure some profits.

We are 50pips away from our target and as you can see, this is a strong support level, where we can expect a bounce back to the .382 Fibonacci level.

Comment:

I have added a small short from 83.168

Trade closed: target reached:

Great trade with almost zero drawdown.