CADJPY - Simple, but will it be Effective?
Hi Guys,
Here we have the CADJPY -0.07% on the Weekly Chart. I don't like to trade JPY as a rule but this looks like a good opportunity.
There is quite a bit of detail on the chart and below are key points to note:
* Huge bullish shark completed and played out perfectly. Broke 0.382 profit level and bounced back from 0.618
* Strong two year downtrend
* Currently reaching a weekly resistance level
* Nearing 0.618 of last annual downswing
* Four hour is showing an uptrend
* Daily is showing an downtrend
* Nearing two year down trend
* 1:4 Risk to Reward
I think it will long for a short while, reject the uptrend, respect the down and then I will be going short.
Do let me know of any questions.
Thank You!
Victoria
Here we have the CADJPY -0.07% on the Weekly Chart. I don't like to trade JPY as a rule but this looks like a good opportunity.
There is quite a bit of detail on the chart and below are key points to note:
* Huge bullish shark completed and played out perfectly. Broke 0.382 profit level and bounced back from 0.618
* Strong two year downtrend
* Currently reaching a weekly resistance level
* Nearing 0.618 of last annual downswing
* Four hour is showing an uptrend
* Daily is showing an downtrend
* Nearing two year down trend
* 1:4 Risk to Reward
I think it will long for a short while, reject the uptrend, respect the down and then I will be going short.
Do let me know of any questions.
Thank You!
Victoria