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DrSwing_Forex

CAD/JPY(4H Chart): A PERFECT SELL SETUP.👌

Short
Canadian Dollar / Japanese Yen (OANDA:CADJPY)  
DrSwing_Forex  
OANDA:CADJPY   Canadian Dollar / Japanese Yen
Trend Analysis Trend Lines Support and Resistance
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trendanalysis trendline supportandresistance
Chart Breakdown📉

  • Daily Timeframe
    We have a new trend forming, a downtrend, as price intersected the previous HL of the uptrend.

  • 4Hour Timeframe
    We have an uptrend but like the daily timeframe, price breached the uptrends previous HL which signals the beginning of a downtrend.
    Price is forming a break and re-test setup on the uptrend trendline whereby I'm waiting to enter sells upon confirmation. Confirmation
    will occur when price retests the trendline and forms a bearish reversal candlestick to confirm entries.

  • 1Hour Timeframe
    We have a downtrend on this timeframe further giving us reason to go bearish.

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DR.Swing_Forex
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