Welcome to our weekly trade setup ( CADJPY )!
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1 HOUR
Bullish takeout, expecting a turnaround shortly..
4 HOUR
Price too high imo, great short entries!
DAILY
Overall Sideways moving market structure, looking for another push to the downside.
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FOREX SWING
SELL CADJPY
ENTRY LEVEL @ 80.230
SL @ 80.420
TP @ 79.380
Max Risk. 0.5% - 1%!
(Remember to add a few...
if price bounces off my level and makes a higher high i will be looking long. if it breaks and retests then ill be looking short. no bias at the moment, remain neutral
cadjpy retraced from 1.618 fibonacci on daily chart we can see a clear doji exactly on this fibo level and i excpect a trend continuation for this pair
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CADJPY formed a falling wedge in the upward trend. Now the price in the support zone is accumulating near the 61.8% Fibonacci level.
Best regards EXCAVO
Not the best week really for me, no major losses but lack of set ups, so i have noticed this wedge structure in cadjpy and i am in a long position aiming for the 81 kinda area. 4h looks like swing low, just need a bit of oil bull
CADJPY after the attempt to break above the weekly resistance structure at the 81 area created a descending leg.
The price bounces over the 0.618 fib retracement at 79.650 before moving to the 0.786 level at the daily support.
IF the price will bounce over the 79 area and give us a sign of inversion we will set a nice long order according to Plancotnbs'...
CADJPY on the daily chart is close to a weekly resistance.
The price after an attempt to break above retraced until the 0.618 fib level and now testing the 0.5.
IF the price will break and close above the structure at the 80 level we can set a nice long order according to Plancton's strategy.
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Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly...
Hi Pro Traders ♥
Let's Look To Chart And See What Will Happen For Cad / JPY !
Our Vision IS : ♦ Buy ♦
When ? Now 79.800
Why Sell ?! I Will Tell You
Reasons To Sell :
🀄️ Break Trend + Test + Support Area ( 1 Hour )
🀄️ POC Area
Then When We Can Sell ?
-- Now 79.800
See You After Take Profit Done ♥
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (79.8). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. CADJPY is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
....
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (79.8). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. CADJPY is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
....
Sounds likely to decrease in weekly timeframe although I see an increase for this pair in 4h timeframe, logically enough we will get ready to go for the sell position.
This is a long term projection
I know it sounds crazy but by the look of it, banks are predicting that this covid situation will continue longer than we expect ... or if it's not covid, it will be something else that will affect the market.
This is my prediction.
Whatever you do, do risk management properly.
stay safe folks :)
CADJPY BUY trade running nicely, let them winners run !
5.15% based on 1% risk
OUR STRATEGY EXPLAINED:
The entry price, SL and multiple TPs are shown on the chart.
Our back testing and money management strategy itself is holding until a reverse signal to ride a big trend, but as you will not see the next signal - manage the trade as you wish should you...
CADJPY is a the peak of the uptrend's impulsive move.
The market is printing a descending triangle pattern.
Sell entry - breakdown below the descending triangle support ⬇️.
