Notes: Technical markers on the chart, and are pretty straightforward. Original idea is linked below as well as the original Long trade.
Technical Analysis: A small Head and Shoulders Pattern is evident on the chart. A break of 91.600 exposes the first target at 90.700. 93.00 has of late proved to be quite the Resistance Level as the pair failed to achieve a daily close above this handle with two notable failed attempts on the 9th and 12th of October daily candles. It is important to note...
UPDATE: Target 1 Hit. Profits Booked on First Position. UPDATE 2: Target 2 Hit. Profits Booked on Second Position. 2 CADJPY Short Positions Triggered with a dip down below the 200 SMA on H1 TF. Fundamentals Recent OIL Prices Devaluation, Canada's Seemingly Recessive Economy and Risk Aversion Vibes are all factors that may contribute to a weaker CAD. ...
Update 1: SL was a little too tight. In reality SHort is still in play. SLs can't be moved on TradingView. Update 2: TP was hit at 121.423 Technical Factors: I like the Tweezer Tops on H4. The pair is currently trading below the 200,100 and 50 SMA. They are now dyniamic levels of Resistance. H1 has a number of rejection candlesticks off 122.900...
Might be difficult to get this ball rolling with a smooth start but in the event of a proper channel breach (pictured) and a solid daily close below 1.100 , there's about 550 Pips on offer till the March low of 1.045 if risk aversion truly kicks in, coupled with a rapid devaluation of the EUR. The EUR is currently a moderately risky asset to hold what with...
Well I put the explanation for the trade on the chart. One thing of note when trading USD pairs, is that we might see some pull back in the DXY, US Treasuries are have broken to their October highs (Remember the US Indices had a significant correction/pullback whatever you wish to call it, with the S&P 500 getting really close to giving up all its gains for 2014...