ForceFollower
Long

CADJPY In An Up Trend

FX:CADJPY   Canadian Dollar/Japanese Yen
156 4 6
As this market is approaching the strong horizontal support level (the range to the left), I expect it to bounce back up again. The outer sliding parallel should help contain price within the regular Andrews pitchfork . The CAD continues to be very strong and it is oversold now, which may give an extra wind in the sails. The JPY - on the contrary - neutral/weak (so let's call it weakish) and relatively overbought. So, nothing wrong in looking to go long around 94.8.
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Disclaimer:
There is a very high degree of risk involved in trading forex . I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.
I like the idea and I am going to try it with stop around 94.6
+1 Reply
You should be fine. It looks highly probable to me.
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I'm still long. If it finds bottom at the sliding parallel, I expect it to retrace by 50%.
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Here's how I see it now:
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