This double top pattern on the daily chart of CAD/JPY presents a potential for a downside breakout short trade. The pattern's two tops and its neckline are marked with the yellow lines. My potential entry level is the cyan line. My potential take-profit level is marked with the green line. The stop-loss that I will use will be the high of the breakout bar (not shown).
Trade active
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Short position entered today @ 85.341 at 5:55 UTC. SL=86.384, TP=82.855.
Thanks for your analysis!
Here is my view on CAD/JPY if you are interested:
Based on Market Profile (volumes) and Price Action there is very strong swing support at 84.261. The market is in a strong uptrend and this is the closest strong support in the way up. If the market makes a trend correction I will go long from there.
In this support zone there are cummulated heavy volumes of big players who drove the price higher - you can see that in the Cummulative volume profile shown on the right sideof the chart.
There are more Market profile swing and intraday analysis at my profile page. You are very welcome there.
Dale
Here is my view on CAD/JPY if you are interested:
Based on Market Profile (volumes) and Price Action there is very strong swing support at 84.261. The market is in a strong uptrend and this is the closest strong support in the way up. If the market makes a trend correction I will go long from there.
In this support zone there are cummulated heavy volumes of big players who drove the price higher - you can see that in the Cummulative volume profile shown on the right sideof the chart.
There are more Market profile swing and intraday analysis at my profile page. You are very welcome there.
Dale