CADJPY - idea for short 'taking tops and bottoms' (high risk)
On CADJPY pair market did #doubletop with almost same price level. This two top highs is Elliott wave correction end with wave C and continuation lower wave 2. Double top is made piercing and closing below possibly strong resistance zone at price ~93.000 confirmed by Fibonacci retracement of 38.6%. If price goes lower with confirmation of down side move, it could reach support zone. If price goes to new highs exceeding wave C and wave 2 highs - no trades should be taken!
My trade plan:
1. If price drops below resistance zone 1 and will show continuation down side confirmation signals first trade will be taken.
2. If first trade will be taken and price reach support zone look for reversal signals to take profit. If price show signals for continuation lower below support zone, second trade short will be taken and the stop loss of the first trade should be paced into profit zone.
! RISK DISCLAIMER !
All information I provide is my own trading Ideas. It is not any kind of recommendation to make trading decisions. And it is not recommendation to use any details about trade such as stop loss or take profit levels. Trading on financial markets is very volatile and risky, that why it is possible to loose all of your capital in very short period of time.
My trade plan:
1. If price drops below resistance zone 1 and will show continuation down side confirmation signals first trade will be taken.
2. If first trade will be taken and price reach support zone look for reversal signals to take profit. If price show signals for continuation lower below support zone, second trade short will be taken and the stop loss of the first trade should be paced into profit zone.
! RISK DISCLAIMER !
All information I provide is my own trading Ideas. It is not any kind of recommendation to make trading decisions. And it is not recommendation to use any details about trade such as stop loss or take profit levels. Trading on financial markets is very volatile and risky, that why it is possible to loose all of your capital in very short period of time.