Short

CADJPY: POSSIBLE ENDING DIAGONAL - Short From Here (Retrace)

Updated

Hey traders! After a bearish impulse witnessed 9/20, we saw a correction to the .786 fib. This correction has ended on an ending diagonal, a quintessential reversal pattern. The target is 75.8. Any price movement above recent high will force me out and I will re-evaluate. Otherwise, ride it down. Happy Trading!

Trade active

In order to find precise entries like this, here's what it looks like INSIDE the candle. 1m Chart:

Note

Beautiful Resistance!! Stop set to B/E:

Trade closed manually

Closed at breakeven! Another great thing about tight stops is the adjustment to breakeven is so small that it can be done after the next lower-degree impulse wave completes and your risk goes to zero.

Here's the next level to watch:

Note

RE-ENTRY:

glennmercer

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