Symmetrical Triangle on CAD/JPY @ D1

5 months ago
This symmetrical triangle formation on the daily chart of CAD/JPY             offers an opportunity for a sell trade in case of a bearish breakout. The triangle's borders are marked with the yellow lines. My potential entry point is marked with the cyan line. My take-profit level is shown with the green line. I will set the stop-loss level to the high of the breakout bar (not shown on the chart).

More information, chart template, and a free expert advisor to automatically trade this CAD/JPY             pattern - on
5 months ago
Trade active: Entered short @ 77.086 at 10:57 UTC. SL=78.630, TP=70.077.
4 months ago
Trade closed: stop reached: The trade hit stop-loss today at 16:12 UTC.
You can find a lot of detail about my trading ideas in my blog - You will also find useful tools to find, build, and trade similar patterns - all completely free.
Trader_Dale PRO
a month ago
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.
CAD/JPY  swing based on Market Profile and Price Action
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