CADJPY - Potential Bearish Reversal!
Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.
CADJPY is approaching a supply zone in red so we will be looking for sell setups on lower timeframes.
on H1: CADJPY is forming a channel in red but the lower trendline is not valid yet. So we will be waiting for a third swing to form around it to consider it our trigger swing. (projection in purple)
Trigger => Waiting for that third swing low to form then sell after a momentum candle close below it. (gray area)
Meanwhile, until the sell is activated, CADJPY can still trade higher.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
CADJPY is approaching a supply zone in red so we will be looking for sell setups on lower timeframes.
on H1: CADJPY is forming a channel in red but the lower trendline is not valid yet. So we will be waiting for a third swing to form around it to consider it our trigger swing. (projection in purple)
Trigger => Waiting for that third swing low to form then sell after a momentum candle close below it. (gray area)
Meanwhile, until the sell is activated, CADJPY can still trade higher.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich