Canadian Dollar / Japanese Yen
Price has shown early signs of rejection at the major level of 86.00.
We can see this clearly on the daily time frame. Strong bearish decline and then a few small-bodied candles with wicks either side ( this shows that there is indecision in the market between the buyers and sellers and also a bit of volatility. Three Daily indecision candles at a key level followed by today's strong bullish candle forming, signal that a reversal is occurring. Now we drop to the 4HR.
ON the 4HR we see a clear downtrend and then consolidation around the 86.00 level. Now price has broken out of the consolidation and just closed above the TL. Break of Trend line, and consolidation along with the MA crossover showing possible sentiment change, these gave me confirmation on the long call.
Stops below the level and targets at 87.50.
Constructive criticism and questions welcomed as I am teaching myself and learning . Will get better at writing and will keep it short but detailed next time.
Price has shown early signs of rejection at the major level of 86.00.
We can see this clearly on the daily time frame. Strong bearish decline and then a few small-bodied candles with wicks either side ( this shows that there is indecision in the market between the buyers and sellers and also a bit of volatility. Three Daily indecision candles at a key level followed by today's strong bullish candle forming, signal that a reversal is occurring. Now we drop to the 4HR.
ON the 4HR we see a clear downtrend and then consolidation around the 86.00 level. Now price has broken out of the consolidation and just closed above the TL. Break of Trend line, and consolidation along with the MA crossover showing possible sentiment change, these gave me confirmation on the long call.
Stops below the level and targets at 87.50.
Constructive criticism and questions welcomed as I am teaching myself and learning . Will get better at writing and will keep it short but detailed next time.