Hello, everybody and welcome to Cybernetics Trading Lab, today we are going to analyse the CADJPY, translating the market information by using a full technical analysis on different time frames, giving you a personal opinion about the next most likely market movement and helping you to spot and manage market opportunities.[/I]
Top Down Technical Analysis: The market approached on the previous swing low, double bottoming, correcting and losing momentum inside a falling wedge, usually a reversal pattern, especially during market conditions like this. In lower time frame as well, we can see few confluences confirming our bias, patterns within patterns and a sharp impulse of almost 200 pip breaking the structures to the upside.
When, where and why would we step into the market? Considering the high probability to see a reversal scenario, counting the weakness of the market and bullish confluences, we will be looking for a potential long position if the market will confirm the next movement developing a correction for its previous bullish impulse. However, as always, we don’t exclude the possibility to see the price going deeper and lower, in that case, we won’t take any position until a clear price action in favor with our bias.
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DISCLAIMER Please note the views are not investment advice and should be used only for educational purpose.[/I]
The idea was not too informative. In general, many of the arguments I have already noted for myself, but supported my vision) Thanks for your publication, my friend!