Still following this pair. Price is approaching to the desired 90.00 level where a triple cycle might complete. That would be a great sell opportunity if we get bearish divergence + bearish candle pattern on the H4 chart.
Target 1: 85.00
Target 2: 80.00
Sell This pair as it reaches for 100% fibo extension of the first cycle and 61.8% fibo extension of the second wave.
This double fibo projection zone will provide a resistance zone and we have a bearish divergence as well.
Sell the break of the yellow bottom TL protecting SL above last high before the TL broke + spread + two pips.
TP aiming support zone 83
CAD continue to ride down south due the reason we all knew about ;) A significant potential of kissing 84.764 can't be rule out
- Please set your SL accordingly .
Happy trading y'all
BEARISH BAT on the 4HR chart (pink)
BEARISH BAT on the Dailychart (blue)
if the bat on the 4hr chart doesn't workout and keeps climbing I will be looking for a reversal at the 91.57 mark for the daily chart.
FX:CADJPY
Nice cluster right above the 78% fib;
For now, rsi is showing bearish divergence;
Eventually we would be able to short a C-D leg for an eventual bullish cypher that completes arround 81.42$;
On the other side, an eventual 5waves impulse can throw the price above weekly resistance(W1);
CYPHER:
Point B:
38.2% to 61.8% XA
Point C:
127% to 141% ext...
Its Time to Go For Some Good Pips ,this trade have an excellent risk reward ratio,the trend in w chart is bearish ,now in Daily its look like a symetrical triangle .
FX_IDC:CADJPY
. Double Bottom @monthly&weekly support;
. The Neck @ weekly resistance;
*Double bottom is only valid if the price break the neck;
. Bullish impulse:
- IF this is the 3th wave, it "should" terminate around the 161% extension, close to the neck, and then a small pull back expected that can't cross the top of wave 1 forging wave 4, and... wave...
Reasons to go short -
Overall trend is bearish
First time coming into an area where there was a previous strong sell off.
A morning star reversal pattern on the daily chart
Positive risk to reward
Price is above 84.65 so all of this could be wishful thinking and the target remains 87.00/87.50 however;
Sell 85.00 for
TP1 - 83.00 (3:1 reward risk)
TP2 - 77.50 target (12:1 reward risk)
In reversal phase in 3x longs above 85.40 for moves into 87.00
Possibility of a bearish bat pattern completion on this pair.
Reasons to short -
Completion of bearish bat pattern
Coming into an area which previously saw a big sell off, and is now returning to this area for this first time (yellow box)
Pair in a longer term bearish trend
Positive risk to reward
FX:CADJPY
SHARK:
Point B:
61.8% XA
Point C:
113% to 161% AB
Point D:
161% to 224% BC
88.6% to 113% XC
Target:
38.2% to 100% CD
Safe Trades;
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