CAD/JPY Huge Impulse Breakout (Longer Term)
Good Afternoon,
Been waiting quite a while for this set up via CAD/JPY. Price action has created monthly highs, we now are looking for the opportunity to go short. Contracting triangle has been identified; prior to formation of this triangle, the market was bearish, the breakout will also be bearish on leg E (arrows above) - (vice versa for bearish market). A contracting triangle is just a corrective, market gearing up to go lower. The execution on this trade may take days and or weeks to set up, keep your eyes peeled! Look for confirmation on lower time frame, and execute with your own due diligence.
Thanks,
Trade Wisely
Been waiting quite a while for this set up via CAD/JPY. Price action has created monthly highs, we now are looking for the opportunity to go short. Contracting triangle has been identified; prior to formation of this triangle, the market was bearish, the breakout will also be bearish on leg E (arrows above) - (vice versa for bearish market). A contracting triangle is just a corrective, market gearing up to go lower. The execution on this trade may take days and or weeks to set up, keep your eyes peeled! Look for confirmation on lower time frame, and execute with your own due diligence.
Thanks,
Trade Wisely
Trade closed: target reached:
TP 1 reached