There is a good possibility that we can expect short term selling opportunity on CADJPY; saw some bullish exhaustion and price dropped created change of character. Though the price has risen up sharply to previous high, we still expect price to reject from the area around previous high. With 60 pips stop loss the setup idea look reasonable to take risk with 350 pips in take profit. Good Luck and Trade Safe.
Hi bro tnx for sharing Idea. I think on daily time frame it's making inverted Head & shoulder, and may go long and touch SL. are you short till now?
Setupsfx_
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@Nimakh111 proce has dropped 130+ PIPS since you commented
Nimakh111
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@Setupsfx_, yes, your idea was correct and still is going the way you forecast. tnx a lot for your sharing. I am learning and today learn some new.
Mihai_Iacob
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Although, for sure, your scenario it is possible, my view is diferent Since Decenber's low CadJpy is trading upwards and in a pretty constructive way. The recent dip under 109 was quickly bought and now the pair is up to resistance again and is pressing for a break. IMO, as long as the price is above 109 we can expect further rise and if we look for an 102 as the price, we could also have 1:2 risk:reward for a buy trade
Setupsfx_
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@Mihai_Iacob very well detailed information, though we are halfway closed 50% our target 130+ PIPS
greatbabfx
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@Mihai_Iacob I agree with you, CADJPY is more favored to go upside, I wouldn't try to sell this. CADJPY broke the weekly down trend last 2 weeks and back up again, I think CADJPY is ready to buy, just look for better confirmation on lower time frame and buy this pair.
tnx for sharing Idea. I think on daily time frame it's making inverted Head & shoulder, and may go long and touch SL. are you short till now?