FX:CADJPY found support at 89.00 and made impulsive rally last week after long one month complex correction. So, we see five waves up with Bullish Market Truncation in fifth wave, broken channel resistance and three waves down correction, which is our signal for longs. We expect a bounce in days ahead into third wave up back to new highs. FX:CADJPY is bullish...
There seems to be this possible XABCD pattern that will be occurring when the market hits the resistance level. This is a possible reason on why it may reverse at this level, it is due to the fact that the when formation hit A at that level, prices started to go underbelly aggressively so I am hoping for a move similar to that previous downtrend.
Two profit...
Again a nice setup here:
- Blue Candle + CR UP (green candle which i personally don't like very much - because it's mostly a fomo toppish reversal) -> so some bids plcaed inside the Blue Candle range (100.677 - 100.856)
- Strong Inside Bar on Support followed by this strong Entry Bar
Given this Setup has a potential Successrate of 42,6% and R/R 2.98 = optimal...
