JKFXTrading
Short

Simple & Profitable Strategy for a Sell Opportunity on CADJPY

FOREXCOM:CADJPY   Canadian Dollar / Japanese Yen
Trade Idea:
This pair is in an overall downtrend, so my bias is favouring sells than buys. I'm looking for a break of the yellow trend line (Conservative Entry) and/or a retest of the orange RSI trendline (Aggressive Entry) to enter a sell towards the projected TPs .

Technical Analysis:
* This pair has break the short-term support now resistance zone , and its now retesting the S/R zone.
* Price has a slight bounce from the 200EMA and EMA14/21 is acting as resistance.
* A bearish rejection candle confirming my bias and rejecting from the short term S/R zone.
* RSI 14 (hlc3) has broken the upward trend line and is retesting that trend line , the RSI 14 is also below 50, indicating that sellers are gradually taking over for this pair.

*Please note that any trades you decided to take are of your own risk. All trade ideas published here are for informational purposes only and are my personal trades.
Comment: As a result, price didn't manage to break the yellow trendline and has protected us from entering a losing trade, so overall a good and comprehensive trade setup that gave us a very clear trade plan before entering the trade. Lesson here: always do your analysis right and feel confident about it.
Order cancelled: As a result, price didn't manage to break the yellow trendline and has protected us from entering a losing trade, so overall a good and comprehensive trade setup that gave us a very clear trade plan before entering the trade. Lesson here: always do your analysis right and feel confident about it.

Comments

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