justatrader
Short

CADJPY - Bearish Wolfe Wave

FX:CADJPY   Canadian Dollar/Japanese Yen
149 4 1
4 hour chart for CAJPY shows a bearish wolfe wave being formed. At this point, we have 4 Wolfe wave points formed already and we are in the process of the 5th wave to be created. The dotted trendline is the parallel for TL2-4. Thus, the 'sweet zone' is in the region of 96.285 - 95.25 (Shorting from this region is ideal).

The target levels are 92.29. Stops to be placed based on the entry, with the most ideal stops being at 96.285, if there is a reversal in this region.
I see the price is at a resistance/support zone and a bullish candle is formed both in daily and 4hr and 1hr charts so not a right time to go long as per these three time frames...
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chartreader.. your comment is a bit confusing... "..bullish candle formed in daily, h4 and h1 charts.... so not a right time to go long..."
The above wolfe wave is bearish, but it isn't completed yet. We are currently in the wave 5 formation (which should be bullish) after which we can expect to see a reversal (anywhere from the TL2-4 parallel line... the dotted projected trendline)/
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Chartreader justatrader
Uppos! Typing mistake...
Should be not a right time to Short!
Reply
Yeh.. figured. The trade wouldn't have been triggered as it failed to make a peak at point 5.
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