Hi guys, this is one of the simplest method to read structure, in a downtrend, when a support is broken, it most likely will become resistance once retested. Stops above highs, target1 81,2x level. Target2 to be determined. Don't know if i'm getting involved since i have two other CAD pairs on my watchlist. I'll let you know.
If you want to share your view, or simply ask questions, feel free to comment below. Otherwise, see you in the next chart!
I got in short at near the lowest of the day, I'm suffering but I saw the same pattern and structure movement.
Also from yesterday into today, i caught a possible H&S pattern to, so I entered short.
I'm down 30 pips right now, watching and hoping for a major retracement to the prior support areas at T1 81.60s and T2 81.35.
@Roker1, Made 30 pips on that trade.. unfortunately I entered too early, and the wick of the lowest bar was of 20 extra pips, but I walked off happy with my dough :D
You might wanna take a look for a cypher pattern on NZD/JPY on the 1 hour chart.
I'ts half away from completing a 78.6 % retracement of the initial impulse leg at 77.862s. Look to enter long right now or right after the pattern completes to go short.
You should be able to get 40 (38.2% retracement) to 70 (61.8% retracement) pips out of that.
Happy trading man!
crespi90
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@Roker1, ouh and there a bullish bat/butterfly on sight in Canadian Dollar/Japanese Yen (FX:CADJPY) (yeah the one you posted about.. it should be about to start trending down in the next hour or so.
Also from yesterday into today, i caught a possible H&S pattern to, so I entered short.
I'm down 30 pips right now, watching and hoping for a major retracement to the prior support areas at T1 81.60s and T2 81.35.
Fingers crossed.