CADJPY short-long setup

FX:CADJPY   Canadian Dollar / Japanese Yen
Idea is based on Elliott wave theory with use of stochastics for wave identification. Fib extensions are used for targets/reversals identification. More info (targets/stop loss) on the chart. Good Luck

Head and shoulders pattern UNDER long term channel bottom. Good place to add to the short position aiming for 87.5
HamzaLeith HamzaLeith
0.236 fib retracement is my shorting position (a bit lower than shown above), stop loss just above the 0.618 fib
+1 Reply
Thanks for live updates; it certainly is informative
HamzaLeith HamedAghajani
Cheers mate, hope it pays off
Hopefully mate; I am not as calm as you are; i entered a short at 100.30 and last night the tp taken at 96.95 . The market opened lower so 15 pips more in my favor. Will enter short again about 101. But i like to know your directional bias on trades which i take
HamzaLeith HamedAghajani
Personally I don't think we will see 101 anytime soon, I could be wrong ofcourse, but my bias is currently still bearish till 87.5. Planning on going long there. I am using channels and pitchforks combined with stochastics to confirm wave directions. The most important lesson I have learned so far, never bet on counter trend trades, until you have solid good confirmation. How many traders on this site call reversals only to discover that they have called one too soon. Good luck mate.
I amnot on my chart to publish my view; but if price continue to carve lower; i will reenter below 94.5, based on lower time frames consolidation,; thanks, Hamed
+1 Reply
which direction is the impulse before the corrective part?
+2 Reply
HamzaLeith anilmangal
Sorry Anil, I just saw your question when I wanted to update the chart somehow missed its notification, what do you mean exactly? The impulse's direction is to the upside, I believe we are in a major correction from 3 to 5. Cheers
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