Feb 24 CADJPY Short-term bear before LONG Position
MTF Analysis
Monthly TF had a big push up from tapping the 38.2 Monthly Fib retracement.
On a weekly TF, this retracement bounce on a Monthly 38.2 Fib is a bull run.
This weekly TF bull run has run out right at the previous month's high, previous week's high, and prev day's high -- which was the best entry point had i done Wyckoff analysis earlier
Anyway, since price has ran out of gas on this weekly bull run, it's actually about to break the weekly/daily trendline it's been bouncing off of.
My bias is that price will retrace from a Weekly TF perspective to the 38.2 weekly fib level which also perfectly aligns with the previous week's low & an H4 imbalance/inefficiency.
Fundamentals to support my bias.
JPY had a good inflation YoY rate this morning.
CAD had some wobly numbers from yesterday's economic updates.
Monthly TF had a big push up from tapping the 38.2 Monthly Fib retracement.
On a weekly TF, this retracement bounce on a Monthly 38.2 Fib is a bull run.
This weekly TF bull run has run out right at the previous month's high, previous week's high, and prev day's high -- which was the best entry point had i done Wyckoff analysis earlier
Anyway, since price has ran out of gas on this weekly bull run, it's actually about to break the weekly/daily trendline it's been bouncing off of.
My bias is that price will retrace from a Weekly TF perspective to the 38.2 weekly fib level which also perfectly aligns with the previous week's low & an H4 imbalance/inefficiency.
Fundamentals to support my bias.
JPY had a good inflation YoY rate this morning.
CAD had some wobly numbers from yesterday's economic updates.