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CADJPY Short Sale opportunity.
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Note: This is only for Educational Purpose this is not Investment advice.
Price broke the Strong Support Area and pulling back. Still on Bearsish
Buy to the trendline.
Price seems trying to break the Resistance.
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A bearish deep crab setup for a trend trading opportunity on the daily timeframe.
Having this countertrend setup on the 4-hourly timeframe does stage a great trend trading opportunity for the higher timeframe.
another point of notice is double top on smaller time frames.
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I will be using parameters like the following
Hopefully this gives us good trade downside
CADJPY on the 4hr timeframe is starting to form a bearish pattern at the key resistance.
The market is currently testing the daily head and shoulders neckline and looks to have formed a double top
with RSI divergence as confluence. This is a good short opportunity with targets of the demand zone at 80.73.
CADJPY is struggling at the channel resistance once again. So, it would be a good idea to SELL the rallies near the CHANNEL TOP.
Traders can sell between 81.95-82.20 with SL above 82.70.
TPs can be placed at 81,80.33 and 78.50 respectively.