The pair finally hit the trendline and respected it for a few hours. Then it showed buying power and about 3/4 hours later, it fell again, but always closing above the trendline (1 hour candles).
To confirm the entry, we have a doji, followed by an engolfing candle and a failed attempt to bring the pair down. Entry just after the failed attempt candle closes.
R/W - 1/3.6
Was waiting so long for cadjpy to retrace to the 0.5 or 0.618 fibo on the daily chart. Today the market has tested the 0.5 fibo and now we can look for a long. The market can also go and retrace to the 0.618 fibo. But Right now 4H is bearish so wait for 4H to change to bullish and buy cadjpy from here.
The pair hit the trendline and it shows some buying strengh. Only go long IF the 1h candle closes above the others, Always wait for confirmation! It's a huge reward with low risk trade. 1 risk to 5/6 reward
If it doesn't close above, we can discard the trade idea until it hit the second trend line (the one on the below)
CADJPY is in a bull flag which has bias to break to the upside.
The price is above both EMA's, 20 and 50.
RSI is trending higher.
I am going to buy a break of 80.200
Taking profit slightly below 80.600, roughly 40 pips.
Good luck with this pair!
CAD - BULLISH
1️⃣ WTI crude futures pared early losses to trade above $40 a barrel on Wednesday, on the back of IEA forecasts which showed crude inventories will likely fall by 4.1 million barrels a day in the fourth quarter of the year and a weaker dollar.
2️⃣ Governor Macklem added that the BoC is not actively discussing negative interest rates but they are a...
Hi all traders,
This is a video analysis on CADJPY.
For those who are trading cadjpy, do take note of those levels as mentioned within the video.
Trade safe and be patient on this pair.
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CADJPY Wait to Support for Re run ✅✅
Node CADJPY Break and coming down to resistance
How to trade ??
When price hitting on support or near Entry BUY here
❌ IF BREAK SUPPORT NO TRADE ❌
NEXT RESISTANCE ▶ 80.xxx
Support ▶ 70.xxx
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