IvanLabrie
Short

CADJPY: Potential for huge downside in this pair

FX:CADJPY   Canadian Dollar/Japanese Yen
9 months ago
CADJPY             has broken under a previous week's low recently after finding massive supply coming in at a previous low volume resistance level , where the bears showed hand. Interestingly enough, we now have 5 closed quarters without a new high, and a close under the quarterly mode, thus confirming a long term downtrend in this pair is viable.

The weekly chart shows us with clarity where the highest activity levels sit. Currently we have 8 week levels where price has transacted at, soon to become 9, thus favoring continuation of the downtrend that kicked off during December 2015.
Once we observe price move under 82.774, it'd be safe to assume we might have a sharp decline, with potential to hit the 75 handle in 9 weeks or less. Confirmation according to the time at mode logic would arrive later, but I'm already in this trade based on the daily chart price action. We have 5 days without a new high after today's close, further validating this thesis. You can go short on any intraday retracement, or at market now, with stops above the 85 mark.

Good luck if taking this trade, if interested in receiving timely trade signals and/or tuition, contact me privately for more information. I'm currently offering a discount for new clients who opt for my trading course.

Cheers,

Ivan Labrie.
9 months ago
Comment:
snapshot
9 months ago
Trade active: (Added to shorts 6 hours ago.)
9 months ago
Comment: It looks like we're trading well below the lowest 9 week level at 82.774, if we close the week under it, we'll most likely be seeing 75 soon.
9 months ago
Comment: Added to shorts on this retracement.
9 months ago
Comment: I covered my positions earlier, during the Asian session. We might see a weekly downtrend but not yet, since we moved back above the mode.
9 months ago
Trade closed manually
9 months ago
Comment: We can reenter with a 1-3 daily ATR stop and risking half.
9 months ago
Trade active
9 months ago
Comment: Reentering here was wise, eh?
9 months ago
Trade closed manually: I forgot to update this one, trend is shifting up.
If you're interested in joining my trading newsletter or private lessons, message me. I trade Forex, Equities and Commodities. Contact: skype @ ivanlabrie, PM here or QQ (2954487803).
Sleuthy
9 months ago
ouch
Reply
IvanLabrie PRO Sleuthy
9 months ago
Not a problem, only bad thing is I didn't long this pair.

snapshot
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Sleuthy
9 months ago
I meant ouch for me. Wish I had gone long as well.
Reply
IvanLabrie PRO Sleuthy
9 months ago
Ah, you're in the short?
Darn.
You should consider gbpusd longs with a wide stop, or joining gbpaud.
Reply
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