From my analysis, price have touched psychological level 86.000, i expect price to touch the red oval shape(lower channel line) thereby forming lower low, hence it makes sense to start piling trades from the yellow box.
Use proper risks management (1% per trade x 4 trades)
Disclaimer: These are just my thought, action them at your own risks.
I would expect an increase in price for CADJPY, Let's see what will happen.
...Take it into the consideration anything can be possible to happen, if it breaks down the support level this idea would be failed.
You never quite know where the next big wave or gust of wind is coming from, but you know it is out there.
Previously got stopped out, but re-entering as market opens. Still bullish for the following reasons:
1. Price making higher lows
2. Latest level is holding up. Price pulls back to 79.90 but fails to break lower. We end up stalling at this level.
We have a very serious support line in the weekly chart at $ 76 and CADJPY is still close to the line which means it's a good time to buy.
RSI is very low
Stochastic crosses lines at 20th
Buy with a target of 79.2
With CL1! in an uptrend we should soon see an uptrend on this one, as well; however, if JPY continues to show some strength then it will cause a temporary downtrend pullback before the uptrend continues.
BLO #1 @ 81.50 (If CL1! shows strong)
BLO #2 @ 80.50 (If JPY shows strong)
TP @ 86.00
For the bigger timeframe, i would like to say that this pair is currently start moving up and uptrend will in surge. However, in the lower timeframe, which is TF H4, there is a valid signal that a minor retracement trend will be taken place. It can be clarified by price successfully breaking up the lower trendline of TF H4, and also close below the...
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